Savoy, Texas Property Taxes
The median property tax rate in Savoy, TX is 1.05%, 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 Savoy at $241,531, the typical annual property tax bill reaches $3,570, surpassing the national median of $2,690. Property taxes in Savoy are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Savoy'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 Savoy 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
Savoy, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$2,536
$2,346
$1,148
Average Savoy, Texas Tax Savings
Ownwell’s Savoy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Savoy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Savoy to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Savoy. 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 Savoy, Texas
Property taxes in Savoy, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Savoy is 1.05%, higher than both the Texas state median of 1.80% and the U.S. national median of 0.99%. Local government entities within Savoy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Savoy 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 Savoy's effective property tax rate to other counties in Texas and the national median. For comparison, the 75479 zip code has the highest median property tax rate of 1.05%, while the 75479 zip code has the lowest median tax rate of 1.05%. Understanding how these cities compare with Savoy provides valuable insights into the varying tax landscape across Grayson, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Savoy Tax Rate
1.05%
Average Grayson County Tax Rate
2.09%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Savoy, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75479 | 0.64% | 0.76% | 1.05% | 1.51% | 2.16% |
Source: Ownwell
$1,148
Average Savoy Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Savoy, Texas
In Savoy, 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 Grayson 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 Savoy, 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 Savoy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Savoy are both $3,570, found in zip code 75479.
Average Savoy Assessed Value
$241,531
Average Grayson County Assessed Value
$177,813
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Savoy, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75479 | $115,430 | $185,728 | $241,531 | $450,071 | $618,619 |
Source: Ownwell
$1,148
Average Savoy Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Savoy, Texas
In Savoy, located in Grayson County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Savoy is $241,531. Homeowners in this area typically see tax bills ranging from $2,622 at the 25th percentile to $4,914 at the 75th percentile, with the 90th percentile reaching up to $5,650. These figures are influenced by local government budgets, school funding needs, and other municipal services. Homeowners in Savoy may find their property tax bills burdensome, especially when compared to the national median property tax rate of 0.99%. This is where Ownwell can make a significant impact. By leveraging expert knowledge and local market data, Ownwell helps homeowners appeal their property assessments and secure exemptions, potentially saving them thousands of dollars annually. This service ensures that homeowners are not overpaying and are only taxed on a fair and accurate property value.
Average Savoy Tax Bill
$3,570
Average Grayson County Tax Bill
$3,777
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Savoy, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75479 | $1,119 | $2,622 | $3,570 | $4,914 | $5,650 |
Source: Ownwell
$1,148
Average Savoy Tax Savings
Save on your property taxes & more with 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 | |
|---|---|
| Grayson Appraisal District | |
| Website | esearch.graysonappraisal.org |
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