Hereford, Texas Property Taxes
The median property tax rate in Hereford, TX is 1.95%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Hereford at $49,100, the typical annual property tax bill reaches $924, which is below the national median of $2,690. Property taxes in Hereford are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hereford'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 Hereford or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hereford, 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 Hereford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hereford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hereford 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 Hereford, Texas
Property taxes in Hereford, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hereford is 1.95%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Hereford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hereford 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 Hereford's effective property tax rate to other counties in Texas and the national median. For comparison, the 79045 zip code has the highest median property tax rate of 1.95%, while the same zip code also has the lowest median tax rate of 1.95%. Understanding how these cities compare with Hereford provides valuable insights into the varying tax landscape across Castro County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hereford Tax Rate
1.95%
Average Castro County Tax Rate
2.39%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hereford, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79045 | 1.59% | 1.83% | 1.95% | 1.95% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Hereford, Texas
In Hereford, 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 Castro 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 Hereford, 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 Hereford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hereford are both $924.00, found in the 79045 zip code, reflecting the local property market dynamics.
Average Hereford Assessed Value
$49,100
Average Castro County Assessed Value
$49,105
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hereford, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79045 | $10,720 | $23,985 | $49,100 | $88,980 | $153,760 |
Source: Ownwell
Property Tax Bills Across Hereford, Texas
In Hereford, located in Castro County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the county appraisal district. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $49,100, homeowners in Hereford can expect their property tax bills to vary significantly. At the lower end, the 25th percentile tax bill is around $433, while the 75th percentile tax bill can reach up to $1,663. The 90th percentile tax bill goes even higher, up to $2,841. These variations are influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Hereford's rates are relatively moderate, making it an appealing area for homeowners. However, the actual tax burden can still vary widely, affecting homeowners' financial planning and long-term investment decisions.
Average Hereford Tax Bill
$924
Average Castro County Tax Bill
$1,097
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Hereford, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79045 | $192 | $433 | $924 | $1,663 | $2,841 |
Source: Ownwell