Farmersville, Texas Property Taxes
The median property tax rate in Farmersville, TX is 1.41%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Farmersville at $279,606, the typical annual property tax bill reaches $3,977, exceeding the national median of $2,690. Property taxes in Farmersville 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 Farmersville'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 Farmersville 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
Farmersville, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$3,942
$3,648
$1,148
Average Farmersville, Texas Tax Savings
Ownwell’s Farmersville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmersville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmersville to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Farmersville. 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 Farmersville, Texas
Property taxes in Farmersville, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmersville is 1.41%, higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Farmersville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmersville 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 Farmersville's effective property tax rate to other counties in Texas and the national median. For comparison, the 75442 zip code has the highest median property tax rate of 1.41%, while the 75442 zip code has the lowest median tax rate of 1.41%. Understanding how these cities compare with Farmersville provides valuable insights into the varying tax landscape across Collin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmersville Tax Rate
1.41%
Average Collin County Tax Rate
1.60%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmersville, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75442 | 0.75% | 1.12% | 1.41% | 1.73% | 2.12% |
Source: Ownwell
$1,148
Average Farmersville Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Farmersville, Texas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Farmersville, Texas. 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 Collin 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 Farmersville, 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. For example, in zip code 75442, the highest median tax bill is $3,977, while the lowest median tax bill is also $3,977. 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 Farmersville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Farmersville Assessed Value
$279,606
Average Collin County Assessed Value
$477,029
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmersville, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75442 | $77,842 | $163,318 | $279,606 | $420,705 | $611,160 |
Source: Ownwell
$1,148
Average Farmersville Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Farmersville, Texas
In Farmersville, property tax bills are calculated based on the assessed value of a home, which is determined by the Collin County Appraisal District. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $279,606, homeowners can expect to pay varying amounts depending on their property's specific assessment and applicable exemptions. The 25th percentile tax bill is around $1,954, while the 75th percentile reaches up to $5,899, and the 90th percentile hits $7,142. Comparatively, the national median property tax rate stands at 0.99%, highlighting how local rates can significantly impact homeowners. Homeowners in Farmersville may find their property taxes to be a substantial annual expense. This is where Ownwell can make a difference. By providing expert property tax appeal and exemption services, Ownwell helps homeowners navigate the complexities of property tax assessments, potentially lowering their tax bills and ensuring they only pay their fair share.
Average Farmersville Tax Bill
$3,977
Average Collin County Tax Bill
$7,555
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmersville, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75442 | $952 | $1,954 | $3,977 | $5,899 | $7,142 |
Source: Ownwell
$1,148
Average Farmersville Tax Savings
Save on your property taxes & more with 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 | |
|---|---|
| Collin Appraisal District | |
| Phone | (469) 742-9200 |
| Website | esearch.collincad.org |
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