Farwell, Texas Property Taxes
The median property tax rate in Farwell, TX is 1.60%, notably higher than the national median of 0.99% but slightly below the Texas state median of 1.67%. With the median home value in Farwell at $225,588, the typical annual property tax bill amounts to $3,622, surpassing the national median of $2,690. Property taxes in Farwell are determined based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Navigating Farwell's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Farwell or another part of Bailey County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farwell, 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 Farwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farwell 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 Farwell, Texas
Property taxes in Farwell, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farwell is 1.60%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Farwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farwell 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 Farwell's effective property tax rate to other counties in Texas and the national median. For comparison, the 79325 zip code has the highest median property tax rate of 1.60%, while the same 79325 zip code has the lowest median tax rate of 1.60%. Understanding how these cities compare with Farwell provides valuable insights into the varying tax landscape across Bailey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farwell Tax Rate
1.60%
Average Bailey County Tax Rate
2.99%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farwell, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79325 | 1.13% | 1.31% | 1.60% | 1.89% | 2.07% |
Source: Ownwell
Property Tax Assessment Values Across Farwell, Texas
In Farwell, 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 Bailey 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 Farwell, 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. 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 Farwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,622 in the 79325 zip code, while the lowest is also $3,622 in the same zip code.
Average Farwell Assessed Value
$225,588
Average Bailey County Assessed Value
$46,929
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farwell, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79325 | $223,526 | $224,299 | $225,588 | $226,876 | $227,650 |
Source: Ownwell
Property Tax Bills Across Farwell, Texas
In Farwell, Bailey County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county appraisal district and represents a percentage of the market value of the property. Homeowners in Farwell can expect their tax bills to vary significantly, with the 25th percentile tax bill at $2,943 and the 75th percentile reaching $4,301. The 90th percentile tax bill is even higher at $4,709. These tax bills are influenced by various factors, including property location, size, and improvements. The local tax rate in Bailey County plays a crucial role, as it is applied to the assessed value to determine the final tax bill. With a median home price of $225,588, homeowners in Farwell may find their property taxes higher or lower than the national median property tax rate of 0.99%, depending on their specific circumstances. This variability can significantly impact homeowners' finances, influencing decisions on property investments and homeownership.
Average Farwell Tax Bill
$3,622
Average Bailey County Tax Bill
$1,293
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Farwell, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79325 | $2,535 | $2,943 | $3,622 | $4,301 | $4,709 |
Source: Ownwell