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University Park, Texas Property Taxes

The median property tax rate in University Park, TX is 1.43%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in University Park at $2,310,060, the typical annual property tax bill reaches $26,405, exceeding the national median of $2,690. Property taxes in University Park 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 University Park'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 University Park 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

University Park, Texas Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Average Tax Rate

1.43%

Estimate Property Tax Bill

$33,034

$30,655

SAVE WITH OWNWELL

$1,148

Average Tax Savings

Ownwell’s University Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in University Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in University Park 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 University Park. 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 University Park, Texas

Property taxes in University Park, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in University Park is 1.43%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within University Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, University Park 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 University Park's effective property tax rate to other counties in Texas and the national median. For comparison, the 75205 zip code has the highest median property tax rate of 1.43%, while the 75205 zip code also has the lowest median tax rate of 1.43%. Understanding how these cities compare with University Park provides valuable insights into the varying tax landscape across Dallas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.

Property Tax Rates Across University Park, Texas

Source: Ownwell

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0.78%

1.64%

2.51%

Average University Park Tax Rate

1.43%

Average Dallas County Tax Rate

1.71%

Average Texas Tax Rate

1.67%

Average United States Tax Rate

0.99%

Property Tax Rates Across University Park, Texas

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
N/AN/AN/AN/AN/A
752051.16%1.21%1.43%1.45%1.47%

Source: Ownwell

Property Tax Assessment Values Across University Park, Texas

In University Park, 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 Dallas 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 University Park, 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. The zip code 75205 has the highest and lowest median tax bill, both at $26,405. Being aware of these valuation processes in University Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.

Property Tax Assessment Values Across University Park, Texas

Source: Ownwell

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$35,420

$1,172,740

$2,310,060

Average University Park Assessed Value

$2,310,060

Average Dallas County Assessed Value

$276,620

Average Texas Assessed Value

$247,950

Average United States Assessed Value

$244,900

Property Tax Assessment Values Across University Park, Texas

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
N/AN/AN/AN/AN/A
75205$961,230$1,400,292$2,310,060$2,415,828$2,521,455

Source: Ownwell

Property Tax Bills Across University Park, Texas

In University Park, Dallas County, TX, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $2,310,060, significantly higher than the national average. Property taxes in University Park reflect this with a 25th percentile tax bill of $16,477 and a 75th percentile tax bill of $29,406. The highest median tax bill in the area is $26,405, notably above the national median property tax rate of 0.99%. Several factors influence the tax bill, including the assessed value of the property, local tax rates, and applicable exemptions. For homeowners, these high tax bills can be a substantial financial burden. Ownwell offers a solution by helping homeowners appeal their property assessments, potentially reducing their tax bills. By leveraging local expertise and data-driven strategies, Ownwell can identify discrepancies in property assessments and advocate for fairer valuations, helping homeowners save significantly on their property taxes.

Property Tax Bills Across University Park, Texas

Source: Ownwell

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$350

$13,378

$26,405

Average University Park Tax Bill

$26,405

Average Dallas County Tax Bill

$4,794

Average Texas Tax Bill

$3,971

Average United States Tax Bill

$2,690

Property Tax Bills Across University Park, Texas

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
N/AN/AN/AN/AN/A
75205$13,568$16,477$26,405$29,406$31,525

Source: Ownwell

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