Penelope, Texas Property Taxes
The median property tax rate in Penelope, TX is 1.45%, which is higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $77,410 in Penelope, the typical annual property tax bill amounts to $909, falling below the national median of $2,690. Property taxes in Penelope are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Penelope'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 Penelope 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
Penelope, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.45%
Estimate Property Tax Bill
$1,122
$1,042
$1,148
Average Tax Savings
Ownwell’s Penelope Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Penelope with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Penelope 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 Penelope. 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 Penelope, Texas
Property taxes in Penelope, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Penelope is 1.45%, higher than both the Texas state median of 1.80% and the U.S. national median of 0.99%. Local government entities within Penelope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Penelope 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 Penelope's effective property tax rate to other counties in Texas and the national median. For comparison, the 76676 zip code has the highest median property tax rate of 1.45%, while the 76676 zip code has the lowest median tax rate of 1.45%. Understanding how these cities compare with Penelope 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 Penelope Tax Rate
1.45%
Average Hill County Tax Rate
1.56%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Penelope, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76676 | 0.64% | 1.25% | 1.45% | 1.60% | 1.60% |
Source: Ownwell
$1,148
Average Penelope Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Penelope, Texas
In Penelope, 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 Penelope, 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. The median home price in Penelope is $77,410, with tax bills ranging from $452 at the 25th percentile to $2,631 at the 90th percentile. Being aware of these valuation processes in Penelope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Penelope Assessed Value
$77,410
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 Penelope, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76676 | $14,214 | $37,135 | $77,410 | $147,745 | $214,982 |
Source: Ownwell
$1,148
Average Penelope Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Penelope, Texas
In Penelope, Hill 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 Penelope stands at $77,410. To determine the tax bill, the assessed value is multiplied by the local tax rate. Factors like property size, location, and improvements can influence the assessed value, impacting the final tax bill. The tax bill in Penelope varies, with the 25th percentile at $452, the 75th percentile at $1,744, and the 90th percentile reaching $2,631. These property tax bills can significantly affect homeowners, often becoming a considerable annual expense. Ownwell can assist homeowners by providing property tax appeal and exemption services. By analyzing your property's assessed value and comparing it with similar properties, Ownwell identifies discrepancies and files appeals to ensure you are not overpaying. This service can lead to substantial savings, alleviating the financial burden of high property taxes.
Average Penelope Tax Bill
$909
Average Hill County Tax Bill
$1,810
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Penelope, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76676 | $148 | $452 | $909 | $1,744 | $2,631 |
Source: Ownwell
$1,148
Average Penelope 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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