Richardson, Texas Property Taxes
The median property tax rate in Richardson, TX, is 1.64%, slightly lower than the Texas state median of 1.67% but still considerably higher than the national median of 0.99%. With a median home value of $530,870 in Richardson, the typical annual property tax bill reaches $8,786, significantly exceeding the national median of $2,690. Property taxes in Richardson are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Richardson'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 Richardson 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
Richardson, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.64%
Estimate Property Tax Bill
$8,706
$8,055
$1,148
Average Richardson, Texas Tax Savings
Ownwell’s Richardson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richardson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richardson 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 Richardson. 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 Richardson, Texas
Property taxes in Richardson, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richardson is 1.64%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Richardson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richardson 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 Richardson's effective property tax rate to other counties in Texas and the national median. For comparison, the 75080 zip code has the highest median property tax rate of 1.76%, while the 75082 zip code has the lowest median tax rate of 1.59%. Understanding how these cities compare with Richardson 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 Richardson Tax Rate
1.64%
Average Collin County Tax Rate
1.60%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richardson, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75080 | 1.62% | 1.69% | 1.76% | 1.87% | 1.87% |
| 75082 | 1.43% | 1.50% | 1.59% | 1.78% | 1.87% |
Source: Ownwell
$1,148
Average Richardson Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Richardson, Texas
In Richardson, 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 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 Richardson, 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 instance, the highest median tax bill in Richardson is $8,813 in the 75080 zip code, while the lowest is $8,771 in the 75082 zip code. 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 Richardson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Richardson Assessed Value
$530,870
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 Richardson, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75080 | $263,754 | $446,043 | $510,293 | $599,520 | $724,069 |
| 75082 | $394,000 | $468,320 | $542,125 | $637,291 | $722,585 |
Source: Ownwell
$1,148
Average Richardson Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Richardson, Texas
In Richardson, 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. For instance, the median home price in Richardson is $530,870, resulting in tax bills that can range significantly. Homeowners in the 25th percentile pay around $7,513, while those in the 75th percentile face bills up to $10,271. The highest median tax bill in Richardson is $8,813 in ZIP code 75080, slightly higher than the lowest median tax bill of $8,771 in ZIP code 75082. High property taxes can be a burden for homeowners, but Ownwell can help. By leveraging their expertise in property tax appeals and exemptions, Ownwell ensures that homeowners are not overpaying. Their dedicated team reviews your property’s assessed value and identifies opportunities to reduce your tax bill, potentially saving you thousands of dollars annually.
Average Richardson Tax Bill
$8,786
Average Collin County Tax Bill
$7,555
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Richardson, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75080 | $4,765 | $7,668 | $8,813 | $10,608 | $12,947 |
| 75082 | $6,401 | $7,487 | $8,771 | $10,197 | $11,763 |
Source: Ownwell
$1,148
Average Richardson 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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