Amarillo, Texas Property Taxes
The median property tax rate in Amarillo, TX is 1.07%, which is slightly above the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $140,570 in Amarillo, the typical annual property tax bill is around $1,418, which is below the national median of $2,690. Property taxes in Amarillo are calculated based on the assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Amarillo's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Amarillo or another part of Armstrong County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Amarillo, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
Ownwell’s Amarillo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Amarillo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Amarillo to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Amarillo, Texas
Property taxes in Amarillo, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Amarillo is 1.07%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Amarillo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Amarillo estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Amarillo's effective property tax rate to other counties in Texas and the national median. For comparison, the 79118 zip code has both the highest and lowest median property tax rate of 1.07%. Understanding how these cities compare with Amarillo provides valuable insights into the varying tax landscape across Armstrong County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Amarillo Tax Rate
1.07%
Average Armstrong County Tax Rate
1.68%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Amarillo, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79118 | 0.93% | 0.98% | 1.07% | 1.16% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Amarillo, Texas
In Amarillo, Texas, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Armstrong County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Amarillo, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The zip code 79118 has the highest median tax bill at $1,418, while the lowest median tax bill is also found in the same zip code at $1,418. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Amarillo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Amarillo Assessed Value
$140,570
Average Armstrong County Assessed Value
$115,295
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Amarillo, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79118 | $102,690 | $116,895 | $140,570 | $164,245 | $178,450 |
Source: Ownwell
Property Tax Bills Across Amarillo, Texas
In Amarillo, located in Armstrong County, TX, property tax bills are calculated based on the assessed value of the home and the local tax rate. For example, with a median home price of $140,570, homeowners can expect their tax bill to fall within a certain range. The 25th percentile tax bill is approximately $1,289, while the 75th percentile tax bill is around $1,547. At the higher end, the 90th percentile tax bill reaches $1,625. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the final tax bill. Specifically, in the 79118 zip code, the median tax bill stands at $1,418, which is comparable to the national median property tax rate of 0.99%. These property tax bills directly impact homeowners by contributing to local public services such as schools, emergency services, and infrastructure. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Amarillo Tax Bill
$1,418
Average Armstrong County Tax Bill
$1,603
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Amarillo, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79118 | $1,212 | $1,289 | $1,418 | $1,547 | $1,625 |
Source: Ownwell