Talco, Texas Property Taxes
The median property tax rate in Talco, TX is 1.02%, slightly higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With the median home value in Talco, the typical annual property tax bill reaches $1,378, which is below the national median of $2,690. Property taxes in Talco are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Talco'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 Talco 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
Talco, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$1,544
$1,428
Ownwell’s Talco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Talco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Talco 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 Talco, Texas
Property taxes in Talco, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Talco is 1.02%, which is higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Talco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Talco 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 Talco's effective property tax rate to other counties in Texas and the national median. For comparison, the 75487 zip code has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Talco provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Talco Tax Rate
1.02%
Average Franklin County Tax Rate
1.44%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Talco, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75487 | 0.51% | 0.80% | 1.02% | 1.44% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Talco, Texas
In Talco, 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 Franklin 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 Talco, 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. With a median home price of $151,360, understanding the distinction between these valuation concepts can help property owners better navigate their tax responsibilities. For instance, the highest median tax bill in the region is $1,378 in zip code 75487. By being aware of these valuation processes, homeowners can identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Talco Assessed Value
$151,360
Average Franklin County Assessed Value
$201,820
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Talco, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75487 | $46,468 | $79,140 | $151,360 | $267,155 | $434,384 |
Source: Ownwell
Property Tax Bills Across Talco, Texas
In Talco, property tax bills are calculated based on the assessed value of a home, which is determined by the Franklin County Appraisal District. The tax rate is then applied to this assessed value to calculate the total tax bill. For homeowners in Talco, the median home price is $151,360. The tax bills can vary significantly, with the 25th percentile at $768, the 75th percentile at $2,492, and the 90th percentile reaching up to $3,798. Factors such as property size, location, and market conditions influence the assessed value, which in turn affects the tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Talco experience a range of tax bills depending on their property’s assessed value. The highest and lowest median tax bills in the area are both $1,378, located in the 75487 zip code. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Talco Tax Bill
$1,378
Average Franklin County Tax Bill
$2,446
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Talco, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75487 | $462 | $768 | $1,378 | $2,492 | $3,798 |
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 | |
|---|---|
| Franklin Appraisal District | |
| Website | esearch.franklin-cad.org |