Bynum, Texas Property Taxes
The median property tax rate in Bynum, TX is 1.47%, which is considerably higher than the national median of 0.99%, yet lower than the Texas state median of 1.67%. With the median home value in Bynum at $109,845, the typical annual property tax bill reaches $1,518, falling below the national median of $2,690. Property taxes in Bynum are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bynum'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 Bynum or another part of Hill County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bynum, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$1,615
$1,498
$1,148
Average Tax Savings
Ownwell’s Bynum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bynum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bynum 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 Bynum. 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 Bynum, Texas
Property taxes in Bynum, Texas, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Bynum is 1.47%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Bynum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bynum 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 Bynum's effective property tax rate to other counties in Texas and the national median. For comparison, the 76631 zip code has the highest median property tax rate of 1.47%, while the same zip code also has the lowest median tax rate of 1.47%. Understanding how these cities compare with Bynum provides valuable insights into the varying tax landscape across Hill County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bynum Tax Rate
1.47%
Average Hill County Tax Rate
1.56%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bynum, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76631 | 0.87% | 1.33% | 1.47% | 1.61% | 1.67% |
Source: Ownwell
$1,148
Average Bynum Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Bynum, Texas
In Bynum, 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 Hill 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 Bynum, 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 Bynum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Bynum is $1,518 in zip code 76631, while the lowest median tax bill is also $1,518 in the same zip code.
Average Bynum Assessed Value
$109,845
Average Hill County Assessed Value
$116,870
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bynum, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76631 | $35,245 | $61,452 | $109,845 | $173,640 | $301,350 |
Source: Ownwell
$1,148
Average Bynum Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Bynum, Texas
In Bynum, Hill County, TX, property tax bills are calculated based on the assessed value of your home and the local tax rate. With a median home price of $109,845, homeowners can expect their tax bill to vary significantly. The 25th percentile tax bill is around $786, while the 75th percentile reaches $2,340, and the 90th percentile can soar to $3,675. These fluctuations depend on factors such as property size, improvements, and market conditions. Compared to the national median property tax rate of 0.99%, Bynum's rates can be relatively high, impacting homeowners' finances considerably. Ownwell steps in to help homeowners reduce these burdensome property tax bills. By providing expert property tax appeal and exemption services, Ownwell ensures that your property is fairly assessed, potentially lowering your tax obligations. Our dedicated team of consultants reviews your property’s assessment, identifies discrepancies, and files appeals on your behalf, aiming to secure the most favorable outcome. This proactive approach can lead to significant savings, offering financial relief and peace of mind.
Average Bynum Tax Bill
$1,518
Average Hill County Tax Bill
$1,810
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Bynum, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76631 | $395 | $786 | $1,518 | $2,340 | $3,675 |
Source: Ownwell
$1,148
Average Bynum 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 | |
|---|---|
| Hill Appraisal District | |
| Website | esearch.hillcad.org |
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