Eddy, Texas Property Taxes
The median property tax rate in Eddy, TX is 1.29%, which is higher than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $168,740 in Eddy, the typical annual property tax bill is $1,889, which is below the national median of $2,690. Property taxes in Eddy are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Eddy'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 Eddy or another part of Falls County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Eddy, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$2,177
$2,020
Ownwell’s EDDY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in EDDY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in EDDY 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 Eddy, Texas
Property taxes in EDDY, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in EDDY is 1.29%, higher than both the Texas state median of 1.60% and the U.S. national median of 0.99%. Local government entities within EDDY set these rates annually, and they can vary significantly across different neighborhoods. Each year, EDDY 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 EDDY's effective property tax rate to other counties in Texas and the national median. For comparison, the 76524 zip code has the highest median property tax rate of 1.29%, while the 76524 zip code has the lowest median tax rate of 1.29%. Understanding how these cities compare with EDDY provides valuable insights into the varying tax landscape across Falls County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eddy Tax Rate
1.29%
Average Falls County Tax Rate
2.22%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eddy, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76524 | 0.47% | 0.81% | 1.29% | 1.77% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Eddy, Texas
In Eddy, 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 Falls 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 Eddy, 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 with the highest median tax bill is 76524 at $1,889, while the lowest is also 76524 at $1,889. Being aware of these valuation processes in Eddy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Eddy Assessed Value
$168,740
Average Falls County Assessed Value
$76,900
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eddy, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76524 | $49,500 | $89,175 | $168,740 | $297,250 | $562,188 |
Source: Ownwell
Property Tax Bills Across Eddy, Texas
In EDDY, located in Falls County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the county appraisal district. The assessed value is multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in EDDY is $168,740. Homeowners in the 25th percentile can expect a tax bill around $976, while those in the 75th percentile may see a bill as high as $3,143. For the top 10% of homeowners, tax bills can reach up to $4,738 annually. This variation is influenced by factors such as property improvements, neighborhood developments, and changes in the local tax rate. Compared to the national median property tax rate of 0.99%, homeowners in EDDY may experience different financial impacts based on their property's assessed value and the specific tax rates applied. Consequently, understanding these factors is crucial for homeowners to anticipate their annual property tax obligations accurately.
Average Eddy Tax Bill
$1,889
Average Falls County Tax Bill
$1,609
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Eddy, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76524 | $439 | $976 | $1,889 | $3,143 | $4,738 |
Source: Ownwell