Leonard, Texas Property Taxes
The median property tax rate in Leonard, TX is 1.49%, which is significantly higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $259,230 in Leonard, the typical annual property tax bill amounts to $3,629, surpassing the national median of $2,690. Property taxes in Leonard are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Leonard'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 Leonard 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
Leonard, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.49%
Estimate Property Tax Bill
$3,863
$3,584
Ownwell’s Leonard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leonard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leonard 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 Leonard, Texas
Property taxes in Leonard, Texas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leonard is 1.49%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Leonard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leonard 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 Leonard's effective property tax rate to other counties in Texas and the national median. For comparison, the 75452 zip code has the highest median property tax rate of 1.49%, while the same zip code also has the lowest median tax rate of 1.49%. Understanding how these cities compare with Leonard provides valuable insights into the varying tax landscape across Fannin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leonard Tax Rate
1.49%
Average Fannin County Tax Rate
1.33%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leonard, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75452 | 0.69% | 1.12% | 1.49% | 1.73% | 2.09% |
Source: Ownwell
Property Tax Assessment Values Across Leonard, Texas
In Leonard, 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 Fannin 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 Leonard, 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. Being aware of these valuation processes in Leonard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Leonard is $3,629 in the 75452 zip code, while the lowest median tax bill is also $3,629 in the same zip code.
Average Leonard Assessed Value
$259,230
Average Fannin County Assessed Value
$196,430
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leonard, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75452 | $91,394 | $151,275 | $259,230 | $426,965 | $626,900 |
Source: Ownwell
Property Tax Bills Across Leonard, Texas
In Leonard, located in Fannin County, TX, property tax bills are determined based on the assessed value of a home. The assessed value is a percentage of the market value, which is influenced by factors such as property size, location, and market conditions. Once the assessed value is established, it is multiplied by the local tax rate to calculate the tax bill. For instance, with a median home price of $259,230, homeowners can expect varying tax bills depending on their property's assessed value and the applicable tax rate. Homeowners in Leonard experience a range of property tax bills. At the 25th percentile, the tax bill is approximately $2,037, while at the 75th percentile, it rises to about $5,506. For those at the 90th percentile, the tax bill can reach up to $7,515. These figures highlight the significant impact of property taxes on household budgets. Compared to the national median property tax rate of 0.99%, Leonard's property taxes can be relatively high, affecting homeowners' overall financial planning and housing affordability.
Average Leonard Tax Bill
$3,629
Average Fannin County Tax Bill
$2,400
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Leonard, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75452 | $1,158 | $2,037 | $3,629 | $5,506 | $7,515 |
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 | |
|---|---|
| Fannin Appraisal District | |
| Website | esearch.fannincad.org |