Spearman, Texas Property Taxes
The median property tax rate in Spearman, TX is 1.66%, slightly lower than the Texas state median of 1.67% but still considerably higher than the national median of 0.99%. With the median home value in Spearman at $110,440, the typical annual property tax bill reaches $1,834, which is below the national median of $2,690. Property taxes in Spearman 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 Spearman'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 Spearman 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
Spearman, 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 Spearman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spearman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spearman to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. 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 Spearman, Texas
Property taxes in Spearman, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spearman is 1.66%, which is higher than both the Texas state median of 1.60% and the U.S. national median of 0.99%. Local government entities within Spearman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spearman 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 Spearman's effective property tax rate to other counties in Texas and the national median. For comparison, the 79081 zip code has the highest median property tax rate of 1.66%, while the same zip code also has the lowest median tax rate of 1.66%. Understanding how these cities compare with Spearman provides valuable insights into the varying tax landscape across Hutchinson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spearman Tax Rate
1.66%
Average Hutchinson County Tax Rate
2.19%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spearman, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79081 | 1.46% | 1.52% | 1.66% | 1.67% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Spearman, Texas
In Spearman, 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 Hutchinson 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 Spearman, 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 Spearman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Spearman, the highest median tax bill is $1,834 in the 79081 zip code. The tax bills range from the 25th percentile at $870 to the 90th percentile at $3,271, with a median home price of $110,440.
Average Spearman Assessed Value
$110,440
Average Hutchinson County Assessed Value
$60,035
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spearman, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79081 | $20,028 | $54,235 | $110,440 | $123,875 | $196,656 |
Source: Ownwell
Property Tax Bills Across Spearman, Texas
In Spearman, located in Hutchinson County, TX, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county appraisal district, which considers factors such as the property's market value, its location, and any improvements made to it. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For example, with a median home price of $110,440, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is approximately $870, while at the 75th percentile, it rises to around $1978. The tax bill can reach as high as $3271 at the 90th percentile. These figures show that property taxes can significantly impact homeowners, influencing their overall housing costs. Compared to the national median property tax rate of 0.99%, the tax rate in Spearman can vary, making it essential for homeowners to understand their property’s assessed value and the local tax rate to budget effectively.
Average Spearman Tax Bill
$1,834
Average Hutchinson County Tax Bill
$1,285
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Spearman, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79081 | $299 | $870 | $1,834 | $1,978 | $3,271 |
Source: Ownwell