Southmayd, Texas Property Taxes
The median property tax rate in Southmayd, TX is 2.20%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Southmayd at $73,388, the typical annual property tax bill reaches $1,726, which is below the national median of $2,690. Property taxes in Southmayd 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 Southmayd'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 Southmayd 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
Southmayd, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.2%
Estimate Property Tax Bill
$1,615
$1,498
$1,148
Average Tax Savings
Ownwell’s Southmayd Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Southmayd with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Southmayd 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 Southmayd. 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 Southmayd, Texas
Property taxes in Southmayd, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Southmayd is 2.20%, significantly higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Southmayd set these rates annually, and they can vary significantly across different neighborhoods. Each year, Southmayd 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 Southmayd's effective property tax rate to other counties in Texas and the national median. For comparison, the 76268 zip code has the highest median property tax rate of 2.20%, while the 76268 zip code also has the lowest median tax rate of 2.20%. Understanding how these cities compare with Southmayd provides valuable insights into the varying tax landscape across Grayson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Southmayd Tax Rate
2.20%
Average Grayson County Tax Rate
2.09%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Southmayd, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76268 | 1.07% | 1.67% | 2.20% | 2.77% | 3.19% |
Source: Ownwell
$1,148
Average Southmayd Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Southmayd, Texas
In Southmayd, 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 Southmayd, 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. For instance, the median home price in Southmayd is $73,388, with tax bills ranging from $943 at the 25th percentile to $4,717 at the 90th percentile. The highest and lowest median tax bills are both $1,726, found in the 76268 zip code. By understanding 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 Southmayd helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Southmayd Assessed Value
$73,388
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 Southmayd, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76268 | $25,017 | $48,266 | $73,388 | $139,296 | $208,426 |
Source: Ownwell
$1,148
Average Southmayd Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Southmayd, Texas
In Southmayd, located in Grayson County, TX, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the county appraisal district and reflects the market value of the property. For example, with a median home price of $73,388, homeowners can expect varying tax bills. The 25th percentile tax bill is $943, while the 75th percentile reaches $3,537, and the 90th percentile can go up to $4,717. These figures are influenced by several factors, including property size, location, and local tax rates. High property taxes can significantly impact homeowners, making it essential to explore ways to reduce these costs. Ownwell specializes in property tax appeal and exemption services, helping homeowners in Southmayd save on their property tax bills. By leveraging expert knowledge and a thorough understanding of local tax regulations, Ownwell can identify potential savings and assist in appealing over-assessed property values, ultimately reducing the financial burden on homeowners.
Average Southmayd Tax Bill
$1,726
Average Grayson County Tax Bill
$3,777
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Southmayd, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76268 | $366 | $943 | $1,726 | $3,537 | $4,717 |
Source: Ownwell
$1,148
Average Southmayd 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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