Fayetteville, Texas Property Taxes
The median property tax rate in Fayetteville, TX is 0.95%, slightly below the national median of 0.99% and significantly lower than the Texas state median of 1.67%. With the median home value in Fayetteville at $177,190, the typical annual property tax bill is $1,522, which is less than the national median of $2,690. Property taxes in Fayetteville are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Fayetteville'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 Fayetteville 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
Fayetteville, 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 Fayetteville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Fayetteville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fayetteville to provide an estimate of 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 Fayetteville, Texas
Property taxes in Fayetteville, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fayetteville is 0.95%, which is lower than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Fayetteville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fayetteville 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 Fayetteville's effective property tax rate to other counties in Texas and the national median. For comparison, the zip code 78940 has both the highest and lowest median property tax rate of 0.95%. Understanding how these cities compare with Fayetteville provides valuable insights into the varying tax landscape across Colorado County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fayetteville Tax Rate
0.95%
Average Colorado County Tax Rate
1.13%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fayetteville, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78940 | 0.31% | 0.57% | 0.95% | 1.18% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Fayetteville, Texas
In Fayetteville, 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 Colorado 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 Fayetteville, 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 Fayetteville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 78940 in Fayetteville has the highest and lowest median tax bill, both at $1522, indicating a uniformity in property tax assessments within the area.
Average Fayetteville Assessed Value
$177,190
Average Colorado County Assessed Value
$111,020
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fayetteville, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78940 | $49,484 | $80,550 | $177,190 | $283,830 | $446,558 |
Source: Ownwell
Property Tax Bills Across Fayetteville, Texas
In Fayetteville, Colorado 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 assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For homeowners in Fayetteville, the median home price is $177,190. Property tax bills can vary significantly, with the 25th percentile at $669 and the 75th percentile reaching $2,957. At the 90th percentile, homeowners might see bills as high as $4,165. The highest median tax bill in the area is $1,522, which is notably higher than the national median property tax rate of 0.99%. These variations in property tax bills can significantly impact homeowners, influencing their overall housing costs and financial planning. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Fayetteville Tax Bill
$1,522
Average Colorado County Tax Bill
$1,356
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayetteville, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78940 | $375 | $669 | $1,522 | $2,957 | $4,165 |
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 | |
|---|---|
| Colorado Appraisal District | |
| Website | propaccess.trueautomation.com |