Honey Grove, Texas Property Taxes
The median property tax rate in Honey Grove, TX is 0.79%, which is lower than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $148,275 in Honey Grove, the typical annual property tax bill is $935, significantly below the national median of $2,690. Property taxes in Honey Grove are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural land. Understanding Honey Grove's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Honey Grove or another part of Lamar County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Honey Grove, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,171
$1,087
Ownwell’s Honey Grove Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Honey Grove with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Honey Grove to project your property tax bill. This valuable tool helps you grasp potential tax liabilities effortlessly. For those interested in more granular details, scroll down to explore trends on a neighborhood level. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Honey Grove, Texas
Property taxes in Honey Grove, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Honey Grove is 0.79%, lower than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Honey Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Honey Grove 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 Honey Grove's effective property tax rate to other counties in Texas and the national median. For comparison, the 75446 zip code has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Honey Grove provides valuable insights into the varying tax landscape across Lamar County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Honey Grove Tax Rate
0.79%
Average Lamar County Tax Rate
1.12%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Honey Grove, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75446 | 0.30% | 0.43% | 0.79% | 1.03% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Honey Grove, Texas
In Honey Grove, 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 Lamar 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 Honey Grove, 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 Honey Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 75446 in Honey Grove has the same highest and lowest median tax bill at $935.
Average Honey Grove Assessed Value
$148,275
Average Lamar County Assessed Value
$126,530
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Honey Grove, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75446 | $39,375 | $71,805 | $148,275 | $211,342 | $374,049 |
Source: Ownwell
Property Tax Bills Across Honey Grove, Texas
In Honey Grove, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The assessed value reflects the home's market value as determined by the county assessor's office. For homeowners in Honey Grove, Lamar County, the median home price is $148,275. The property tax rate is applied to this assessed value to calculate the annual tax bill. Factors that influence the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. For example, the tax bill at the 25th percentile is $449, while at the 75th percentile, it rises to $1,749, and at the 90th percentile, it reaches $3,074. The highest and lowest median tax bills in Honey Grove are both $935, indicating a consistent tax rate across the city. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Understanding how these factors interplay helps homeowners anticipate their annual financial obligations.
Average Honey Grove Tax Bill
$935
Average Lamar County Tax Bill
$1,230
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Honey Grove, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75446 | $220 | $449 | $935 | $1,749 | $3,074 |
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 | |
|---|---|
| Lamar Appraisal District | |
| Website | esearch.lamarcad.org |