Groom, Texas Property Taxes
The median property tax rate in Groom, TX is 1.46%, notably higher than the national median of 0.99%, but lower than the Texas state median of 1.67%. With the median home value in Groom at $135,800, the typical annual property tax bill reaches $1,989, which is below the national median of $2,690. Property taxes in Groom 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 Groom'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 Groom or another part of Gray County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Groom, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$1,983
$1,840
Ownwell’s Groom Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Groom using just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Groom to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in trends at a neighborhood level, more localized information is available below. Your property’s assessed value is the value assigned by Gray County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Groom, Texas
Property taxes in Groom, Texas, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Groom is 1.46%, significantly higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Groom set these rates annually, and they can vary notably across different neighborhoods. Each year, Groom 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 Groom's effective property tax rate to other counties in Texas and the national median. For comparison, the zip code 79039 has both the highest and lowest median property tax rate of 1.46%. Understanding how these cities compare with Groom provides valuable insights into the varying tax landscape across Gray County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Groom Tax Rate
1.46%
Average Gray County Tax Rate
2.61%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Groom, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79039 | 1.31% | 1.46% | 1.46% | 1.74% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Groom, Texas
In Groom, 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 Gray 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 Groom, 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 Groom helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Groom both amount to $1989, specifically in the zip code 79039.
Average Groom Assessed Value
$135,800
Average Gray County Assessed Value
$47,170
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Groom, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79039 | $31,340 | $75,670 | $135,800 | $273,280 | $398,016 |
Source: Ownwell
Property Tax Bills Across Groom, Texas
Property tax bills in Groom, located in Gray County, TX, are determined through a combination of the property's assessed value and the local tax rate. The assessed value is based on the market value of the home, which in Groom has a median home price of $135,800. This value is then multiplied by the local tax rate to calculate the annual property tax bill. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value. Homeowners in Groom can expect a wide range of tax bills. For example, those in the 25th percentile pay around $1,109 annually, while those in the 75th percentile face bills closer to $3,572. The highest tax bills in the 90th percentile can reach up to $5,724. These figures highlight the variability in tax obligations, which can significantly impact household budgets. Compared to the national median property tax rate of 0.99%, Groom's tax rates reflect local economic conditions and funding needs for public services.
Average Groom Tax Bill
$1,989
Average Gray County Tax Bill
$1,100
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Groom, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79039 | $465 | $1,109 | $1,989 | $3,572 | $5,724 |
Source: Ownwell