Gorman, Texas Property Taxes
The median property tax rate in Gorman, TX is 1.91%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Gorman, the typical annual property tax bill reaches $1,276, which is below the national median of $2,690. Property taxes in Gorman 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 Gorman'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 Gorman 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
Gorman, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.91%
Estimate Property Tax Bill
$1,464
$1,358
Ownwell’s Gorman Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Gorman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gorman 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 Gorman, Texas
Property taxes in Gorman, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gorman is 1.91%, significantly higher than both the Texas state median of 1.9% and the U.S. national median of 0.99%. Local government entities within Gorman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gorman 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 Gorman's effective property tax rate to other counties in Texas and the national median. For comparison, the 76454 zip code has the highest median property tax rate of 1.91%, while the 76454 zip code also has the lowest median tax rate of 1.91%. Understanding how these cities compare with Gorman provides valuable insights into the varying tax landscape across Eastland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gorman Tax Rate
1.91%
Average Eastland County Tax Rate
1.80%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gorman, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76454 | 1.08% | 1.18% | 1.91% | 1.91% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Gorman, Texas
In Gorman, 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 Eastland 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 Gorman, 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 example, homeowners in the 76454 zip code see the highest median tax bill at $1,276. 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 Gorman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gorman Assessed Value
$76,630
Average Eastland County Assessed Value
$83,990
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gorman, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76454 | $11,985 | $36,725 | $76,630 | $132,885 | $243,801 |
Source: Ownwell
Property Tax Bills Across Gorman, Texas
In Gorman, located in Eastland 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 appraisal district, which estimates the market value of the property. Once the market value is assessed, it is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's size, location, and condition. In Gorman, the median home price is $76,630. Homeowners in the 25th percentile pay around $603 annually, while those in the 75th percentile face a tax bill of approximately $2,072. For those in the 90th percentile, the tax bill can reach up to $3,086. Comparatively, the national median property tax rate is 0.99%, making Gorman's rates relatively moderate. These tax bills significantly impact homeowners by contributing to their annual housing costs, influencing both affordability and long-term financial planning.
Average Gorman Tax Bill
$1,276
Average Eastland County Tax Bill
$1,311
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Gorman, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76454 | $148 | $603 | $1,276 | $2,072 | $3,086 |
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 | |
|---|---|
| Eastland Appraisal District | |
| Website | www.eastlandcad.org |