Cranfills Gap, Texas Property Taxes
The median property tax rate in Cranfills Gap, TX is 1.20%, which is higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $110,810 in Cranfills Gap, the typical annual property tax bill amounts to $1,360, which is below the national median of $2,690. Property taxes in Cranfills Gap are calculated based on the assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Cranfills Gap'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 Cranfills Gap or another part of Bosque County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cranfills Gap, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$1,330
$1,230
Ownwell’s Cranfills Gap Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cranfills Gap with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cranfills Gap 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 Cranfills Gap, Texas
Property taxes in Cranfills Gap, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cranfills Gap is 1.20%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Cranfills Gap set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cranfills Gap 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 Cranfills Gap's effective property tax rate to other counties in Texas and the national median. For comparison, the 76637 zip code has the highest median property tax rate of 1.20%, while the same zip code also has the lowest median tax rate of 1.20%. Understanding how these cities compare with Cranfills Gap provides valuable insights into the varying tax landscape across Bosque County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cranfills Gap Tax Rate
1.20%
Average Bosque County Tax Rate
1.22%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cranfills Gap, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76637 | 0.67% | 0.90% | 1.20% | 1.53% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Cranfills Gap, Texas
In Cranfills Gap, 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 Bosque 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 Cranfills Gap, 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 Cranfills Gap helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 76637 has both the highest and lowest median tax bills at $1,360.
Average Cranfills Gap Assessed Value
$110,810
Average Bosque County Assessed Value
$159,096
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cranfills Gap, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76637 | $24,834 | $59,745 | $110,810 | $210,918 | $321,791 |
Source: Ownwell
Property Tax Bills Across Cranfills Gap, Texas
In Cranfills Gap, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Bosque County. The assessed value is an estimate of the home's market value, and this figure is multiplied by the tax rate to determine the annual tax bill. For instance, with a median home price of $110,810, homeowners can expect varying tax bills depending on specific circumstances. The 25th percentile tax bill is around $725, while the 75th percentile reaches approximately $2,291. At the higher end, the 90th percentile tax bill can be as high as $3,489. Factors influencing the tax bill include property improvements, changes in market conditions, and local budgetary needs. These property taxes significantly impact homeowners by contributing to essential public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, understanding these local dynamics is crucial for homeowners planning their finances in Cranfills Gap.
Average Cranfills Gap Tax Bill
$1,360
Average Bosque County Tax Bill
$1,864
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Cranfills Gap, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76637 | $306 | $725 | $1,360 | $2,291 | $3,489 |
Source: Ownwell
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 15 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Bosque Appraisal District | |
| Website | esearch.bosquecad.com |