Fannin, Texas Property Taxes
The median property tax rate in Fannin, TX is 1.88%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $98,468 in Fannin, the typical annual property tax bill reaches $2,642, just below the national median of $2,690. Property taxes in Fannin 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 Fannin'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 Fannin 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
Fannin, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
Ownwell’s Fannin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fannin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fannin 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 Fannin, Texas
Property taxes in Fannin, Texas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fannin 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 Fannin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fannin 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 Fannin's effective property tax rate to other counties in Texas and the national median. For comparison, the 77960 zip code has the highest median property tax rate of 1.88%, while the 77960 zip code has the lowest median tax rate of 1.88%. Understanding how these cities compare with Fannin 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 Fannin Tax Rate
1.88%
Average Goliad County Tax Rate
1.88%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fannin, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77960 | 1.45% | 1.61% | 1.88% | 1.88% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Fannin, Texas
In Fannin, 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 Fannin, 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 Fannin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the zip code with the highest median tax bill is 77960, where the median tax bill is $2,642.
Average Fannin Assessed Value
$98,468
Average Goliad County Assessed Value
$106,818
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fannin, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77960 | $31,042 | $41,384 | $98,468 | $248,501 | $258,325 |
Source: Ownwell
Property Tax Bills Across Fannin, Texas
In Fannin, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local appraisal district. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Fannin is $98,468, and the property tax rate is relatively high compared to the national median of 0.99%. Factors such as property improvements, market conditions, and neighborhood characteristics can influence the assessed value, thereby impacting the tax bill. For instance, homeowners in the 25th percentile pay around $916 annually, while those in the 75th percentile face much higher bills, averaging $3,713. At the 90th percentile, the tax bill can reach up to $4,153. These varying tax bills can significantly affect homeowners, influencing their financial planning and the overall cost of homeownership. High property taxes can be a burden, but they also fund essential local services such as schools, infrastructure, and emergency services, contributing to the community's overall quality of life.
Average Fannin Tax Bill
$2,642
Average Goliad County Tax Bill
$1,971
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Fannin, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77960 | $775 | $916 | $2,642 | $3,713 | $4,153 |
Source: Ownwell