Knox City, Texas Property Taxes
The median property tax rate in Knox City, TX is 0.56%, significantly lower than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Knox City at $97,660, the typical annual property tax bill amounts to $678, well below the national median of $2,690. Property taxes in Knox City 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 Knox City'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 Knox City 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
Knox City, 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 Knox City Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Knox City. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Knox City to provide an accurate estimate of your property tax bill. This powerful tool offers a clear understanding of your potential tax liabilities, helping you plan and budget effectively. For those interested in more detailed insights, you can explore trends and localized information at the neighborhood level. Remember, your property's assessed value is determined by the county for tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Knox City, Texas
Property taxes in Knox City, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knox City is 0.56%, which is lower than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Knox City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knox City 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 Knox City's effective property tax rate to other counties in Texas and the national median. For comparison, the 79529 zip code has both the highest and lowest median property tax rate of 0.56%. Understanding how these cities compare with Knox City provides valuable insights into the varying tax landscape across Haskell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Knox City Tax Rate
0.56%
Average Haskell County Tax Rate
1.85%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knox City, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79529 | 0.26% | 0.37% | 0.56% | 0.59% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Knox City, Texas
In Knox City, 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 Haskell 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 Knox City, 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 Knox City is $97,660, with tax bills ranging from $567 at the 25th percentile to $818 at the 90th percentile. The highest and lowest median tax bills are both $678 in the zip code 79529. 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 Knox City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Knox City Assessed Value
$97,660
Average Haskell County Assessed Value
$63,955
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Knox City, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79529 | $73,827 | $74,092 | $97,660 | $204,740 | $355,328 |
Source: Ownwell
Property Tax Bills Across Knox City, Texas
Property tax bills in Knox City, located in Haskell County, TX, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county appraisal district, which evaluates the market value of homes. For instance, the median home price in Knox City is $97,660. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the property tax bill, including changes in the market value of homes and any applicable exemptions or deductions. In Knox City, the property tax bills can vary significantly. Homeowners at the 25th percentile pay around $567, while those at the 75th percentile pay approximately $765. The 90th percentile sees tax bills around $818. These property taxes significantly impact homeowners by affecting their annual housing costs and potentially influencing their decisions regarding property investment and homeownership. Compared to the national median property tax rate of 0.99%, Knox City's rates reflect the unique economic conditions of the region.
Average Knox City Tax Bill
$678
Average Haskell County Tax Bill
$952
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Knox City, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79529 | $501 | $567 | $678 | $765 | $818 |
Source: Ownwell