Magnolia Springs, Texas Property Taxes
The median property tax rate in Magnolia Springs, TX is 1.56%, which is significantly higher than the national median of 0.99% but slightly lower than the Texas state median of 1.67%. With the median home value in Magnolia Springs at $56,603, the typical annual property tax bill amounts to $804, which is below the national median of $2,690. Property taxes in Magnolia Springs are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Magnolia Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Magnolia Springs or another part of Jasper County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Magnolia Springs, 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 Magnolia Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magnolia Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magnolia Springs 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 Magnolia Springs, Texas
Property taxes in Magnolia Springs, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Magnolia Springs is 1.56%, higher than both the Texas state median of 1.80% and the U.S. national median of 0.99%. Local government entities within Magnolia Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magnolia Springs 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 Magnolia Springs' effective property tax rate to other counties in Texas and the national median. For comparison, the 75956 zip code has the highest median property tax rate of 1.56%, while the same 75956 zip code also has the lowest median tax rate of 1.56%. Understanding how these cities compare with Magnolia Springs provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magnolia Springs Tax Rate
1.56%
Average Jasper County Tax Rate
1.09%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magnolia Springs, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75956 | 0.91% | 1.30% | 1.56% | 1.61% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Magnolia Springs, Texas
In Magnolia Springs, 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 Jasper 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 Magnolia Springs, 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 Magnolia Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $804 in zip code 75956, while the lowest median tax bill is also $804 in the same zip code.
Average Magnolia Springs Assessed Value
$56,603
Average Jasper County Assessed Value
$100,074
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Magnolia Springs, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75956 | $42,513 | $49,004 | $56,603 | $68,030 | $81,414 |
Source: Ownwell
Property Tax Bills Across Magnolia Springs, Texas
In Magnolia Springs, located in Jasper County, TX, property tax bills 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 property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the property. Homeowners in Magnolia Springs typically experience property tax bills ranging from $545 at the 25th percentile to $1,087 at the 75th percentile, with the 90th percentile reaching up to $1,253. Comparatively, the national median property tax rate is 0.99%, making Magnolia Springs' tax rates relatively moderate. For homeowners, understanding these factors is crucial as they directly impact annual expenses. Efficient management of property taxes can lead to significant savings, especially when considering the potential for property tax appeals and exemptions.
Average Magnolia Springs Tax Bill
$804
Average Jasper County Tax Bill
$781
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Magnolia Springs, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75956 | $425 | $545 | $804 | $1,087 | $1,253 |
Source: 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 | |
|---|---|
| Jasper Appraisal District | |
| Website | propaccess.trueautomation.com |