Knox County, Texas Property Taxes
The median property tax rate in Knox County is 2.74%, which is significantly higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Knox County, the typical annual property tax bill reaches $916, which is below the national median of $2,690. Property taxes in Knox County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Knox County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Benjamin or another part of Knox County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Knox County, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.74%
Estimate Property Tax Bill
$862
$800
Ownwell’s Knox County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Knox County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Knox County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Knox County, Texas
Property taxes in Knox County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Knox County is 2.74%, which is higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Knox County set these rates annually, and they can vary significantly between different areas within the county. Each year, Knox County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Knox County's effective property tax rate with other counties in Texas and the national median. For comparison, the city of Munday has one of the higher property tax rates in Texas at 3.60%, while the city of Seymour boasts one of the lowest at 1.72%. Analyzing how Knox County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Knox County Tax Rate
2.74%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Knox County, Texas
In Knox County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Knox County Appraisal District. The assessed value, however, 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. Assessment notices in Knox County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, homeowners in Munday face the highest median tax bill at $1,113, while those in Seymour enjoy the lowest at $688. Being aware of these valuation processes in Knox County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Knox County Assessed Value
$31,450
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Knox County, Texas
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Benjamin | $2,995 | $13,200 | $32,375 | $56,715 | $70,147 |
| Crowell | N/A | N/A | N/A | N/A | N/A |
| Goree | $1,933 | $5,750 | $23,075 | $42,795 | $67,639 |
| Knox City | $6,231 | $19,948 | $33,285 | $55,908 | $89,885 |
| Munday | $4,368 | $18,235 | $32,580 | $63,145 | $90,592 |
| Seymour | $21,682 | $27,360 | $40,110 | $71,200 | $97,518 |
Source: Ownwell
Property Tax Bills Across Knox County, Texas
Property tax bills in Knox County, TX, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county appraisal district, which evaluates the market value of a home. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. In Knox County, the median home price is $31,450. Homeowners in the 25th percentile pay around $473 in property taxes, while those in the 75th percentile face bills of approximately $1,582. For the top 10% of property values, the tax bill can reach up to $2,383. Comparatively, the national median property tax rate is 0.99%, making Knox County's rates relatively moderate. However, high-value properties in cities like Munday can see median tax bills as high as $1,113, while lower-value properties in Seymour have median tax bills around $688. This variation significantly impacts homeowners, influencing their annual financial planning and overall housing affordability.
Average Knox County Tax Bill
$916
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690