Canyon, Texas Property Taxes
The median property tax rate in Canyon, TX is 1.74%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Canyon at $253,680, the typical annual property tax bill reaches $4,410, exceeding the national median of $2,690. Property taxes in Canyon 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 Canyon'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 Canyon 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
Canyon, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.74%
Estimate Property Tax Bill
$4,414
$4,096
Ownwell’s Canyon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canyon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canyon 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 Canyon, Texas
Property taxes in Canyon, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canyon is 1.74%, higher than both the Texas state median of 1.66% and the U.S. national median of 0.99%. Local government entities within Canyon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canyon 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 Canyon's effective property tax rate to other counties in Texas and the national median. For comparison, the 79015 zip code has the highest median property tax rate of 1.74%, while the same zip code also has the lowest median tax rate of 1.74%. Understanding how these cities compare with Canyon provides valuable insights into the varying tax landscape across Deaf Smith County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canyon Tax Rate
1.74%
Average Deaf Smith County Tax Rate
1.87%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canyon, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79015 | 1.74% | 1.74% | 1.74% | 1.74% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Canyon, Texas
In Canyon, 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 Deaf Smith 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 Canyon, 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. For instance, the zip code 79015 has both the highest and lowest median tax bills at $4,410. Being aware of these valuation processes in Canyon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Canyon Assessed Value
$253,680
Average Deaf Smith County Assessed Value
$121,050
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canyon, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79015 | $253,680 | $253,680 | $253,680 | $253,680 | $253,680 |
Source: Ownwell
Property Tax Bills Across Canyon, Texas
In Canyon, located in Deaf Smith County, TX, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county appraisal district, which evaluates properties annually to reflect their market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the tax bill. In Canyon, the median home price stands at $253,680. Homeowners in this area experience a consistent property tax bill, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $4,410. This consistency suggests a uniform tax rate applied across various property values. Compared to the national median property tax rate of 0.99%, the tax rate in Canyon significantly impacts homeowners, potentially increasing their annual financial obligations. Understanding these factors is crucial for homeowners as it directly affects their budget and long-term financial planning.
Average Canyon Tax Bill
$4,410
Average Deaf Smith County Tax Bill
$2,120
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Canyon, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79015 | $4,410 | $4,410 | $4,410 | $4,410 | $4,410 |
Source: Ownwell