Wolfe City, Texas Property Taxes
The median property tax rate in Wolfe City, TX is 1.15%, which is higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $271,380 in Wolfe City, the typical annual property tax bill is $2,418, slightly below the national median of $2,690. Property taxes in Wolfe City are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural use. Understanding Wolfe City'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 Wolfe City 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
Wolfe City, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$3,121
$2,888
Ownwell’s Wolfe City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wolfe City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wolfe City 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 Wolfe City, Texas
Property taxes in Wolfe City, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wolfe City is 1.15%, higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Wolfe City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wolfe City 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 Wolfe City's effective property tax rate to other counties in Texas and the national median. For comparison, the 75496 zip code has the highest median property tax rate of 1.15%, while the 75496 zip code also has the lowest median tax rate of 1.15%. Understanding how these cities compare with Wolfe City 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 Wolfe City Tax Rate
1.15%
Average Fannin County Tax Rate
1.33%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wolfe City, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75496 | 0.32% | 0.60% | 1.15% | 1.36% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Wolfe City, Texas
In Wolfe City, 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 Wolfe City, 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 Wolfe City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 75496 has the highest and lowest median tax bill at $2,418, with tax bills ranging from $1,443 at the 25th percentile to $5,002 at the 90th percentile.
Average Wolfe City Assessed Value
$271,380
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 Wolfe City, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75496 | $79,510 | $160,610 | $271,380 | $433,855 | $662,910 |
Source: Ownwell
Property Tax Bills Across Wolfe City, Texas
In Wolfe City, located in Fannin County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $271,380, homeowners can expect varying tax bills. The 25th percentile tax bill is around $1,443, while those in the 75th percentile might pay approximately $3,661. Homeowners in the 90th percentile could see tax bills as high as $5,002. The local tax rate in Wolfe City is influenced by multiple factors, including municipal needs, school funding, and public services. These property taxes are crucial for maintaining and improving local infrastructure, education, and safety services. Compared to the national median property tax rate of 0.99%, the tax obligations in Wolfe City can significantly impact homeowners' annual expenses, making it essential for residents to understand how their tax bills are determined and managed.
Average Wolfe City Tax Bill
$2,418
Average Fannin County Tax Bill
$2,400
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Wolfe City, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75496 | $672 | $1,443 | $2,418 | $3,661 | $5,002 |
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 |