Hereford, Texas Property Taxes
The median property tax rate in Hereford, TX is 1.88%, significantly higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Hereford at $119,740, the typical annual property tax bill reaches $2,104, which, although below the national median of $2,690, can still be a substantial expense for homeowners. Property taxes in Hereford 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 Hereford'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 Hereford or another part of Deaf Smith County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hereford, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.88%
Estimate Property Tax Bill
$2,251
$2,083
Ownwell’s Hereford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hereford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hereford 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 Hereford, Texas
Property taxes in Hereford, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hereford is 1.88%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Hereford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hereford 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 Hereford's effective property tax rate to other counties in Texas and the national median. For comparison, the 79045 zip code has the highest median property tax rate of 1.88%, while the 79045 zip code also has the lowest median tax rate of 1.88%. Understanding how these cities compare with Hereford 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 Hereford Tax Rate
1.88%
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 Hereford, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79045 | 1.39% | 1.67% | 1.88% | 2.01% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Hereford, Texas
In Hereford, 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 Hereford, 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 median home price in Hereford is $119,740. The highest and lowest median tax bills are both $2,104 in the 79045 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hereford Assessed Value
$119,740
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 Hereford, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79045 | $29,478 | $62,832 | $119,740 | $188,838 | $261,353 |
Source: Ownwell
Property Tax Bills Across Hereford, Texas
In Hereford, located in Deaf Smith County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the county's appraisal district. The assessed value is then multiplied by the local tax rate set by various taxing entities, such as school districts, municipalities, and special districts. For instance, with a median home price of $119,740, homeowners can expect a tax bill that falls between $1,104 at the 25th percentile and $3,408 at the 75th percentile, with the 90th percentile reaching up to $4,665. These tax rates and assessed values significantly impact homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, the tax burden in Hereford can vary widely, demonstrating the importance of understanding local tax assessments. Homeowners in the zip code 79045 experience a median tax bill of $2,104, reflecting the local economic conditions and funding requirements for public services. Understanding these factors can help homeowners anticipate and manage their property tax obligations effectively.
Average Hereford Tax Bill
$2,104
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 Hereford, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79045 | $527 | $1,104 | $2,104 | $3,408 | $4,665 |
Source: Ownwell