Tom Bean, Texas Property Taxes
The median property tax rate in Tom Bean, TX is 1.91%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Tom Bean at $187,878, the typical annual property tax bill reaches $3,623, exceeding the national median of $2,690. Property taxes in Tom Bean 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 Tom Bean'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 Tom Bean 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
Tom Bean, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.91%
Estimate Property Tax Bill
$3,588
$3,320
$1,148
Average Tom Bean, Texas Tax Savings
Ownwell’s Tom Bean Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tom Bean with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tom Bean 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 Tom Bean. 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 Tom Bean, Texas
Property taxes in Tom Bean, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tom Bean is 1.91%, higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Tom Bean set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tom Bean 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 Tom Bean's effective property tax rate to other counties in Texas and the national median. For comparison, the 75090 zip code has the highest median property tax rate of 2.46%, while the 75491 zip code has the lowest median tax rate of 1.74%. Understanding how these cities compare with Tom Bean 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 Tom Bean Tax Rate
1.91%
Average Grayson County Tax Rate
2.09%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tom Bean, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75090 | 1.42% | 2.27% | 2.46% | 2.89% | 4.79% |
| 75489 | 1.31% | 1.59% | 1.84% | 2.24% | 2.56% |
| 75491 | 0.66% | 1.18% | 1.74% | 2.69% | 3.79% |
Source: Ownwell
$1,148
Average Tom Bean Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Tom Bean, Texas
In Tom Bean, 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 Tom Bean, 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 Tom Bean is $187,878. The highest median tax bill in the area is $4,074 in the 75090 zip code, while the lowest median tax bill is $2,682 in the 75491 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 processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tom Bean Assessed Value
$187,878
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 Tom Bean, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75090 | $80,100 | $114,120 | $179,100 | $196,124 | $226,517 |
| 75489 | $102,309 | $152,821 | $211,386 | $280,339 | $347,039 |
| 75491 | $9,397 | $62,467 | $149,143 | $235,466 | $366,214 |
Source: Ownwell
$1,148
Average Tom Bean Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Tom Bean, Texas
In Tom Bean, located in Grayson County, TX, property tax bills are calculated based on the assessed value of the property and the local tax rate. The median home price in the area is $187,878, and homeowners can expect tax bills to vary significantly. For instance, tax bills range from the 25th percentile at $2,224 to the 90th percentile at $6,535. The highest median tax bill in the region is $4,074 in the 75090 zip code, while the lowest is $2,682 in the 75491 zip code. Several factors influence these tax bills, including the property's assessed value, local tax rates, and applicable exemptions. High property taxes can be a burden, but Ownwell can help homeowners reduce their tax bills by providing expert property tax appeal and exemption services. By analyzing your property's assessed value and ensuring you receive all eligible exemptions, Ownwell can help you achieve significant savings on your property tax bill, making homeownership more affordable.
Average Tom Bean Tax Bill
$3,623
Average Grayson County Tax Bill
$3,777
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Tom Bean, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75090 | $1,807 | $2,724 | $4,074 | $5,274 | $5,863 |
| 75489 | $1,643 | $2,792 | $3,964 | $5,062 | $6,760 |
| 75491 | $226 | $518 | $2,682 | $4,015 | $5,464 |
Source: Ownwell
$1,148
Average Tom Bean 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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