Groesbeck, Texas Property Taxes
The median property tax rate in Groesbeck, TX is 1.10%, slightly higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With the median home value in Groesbeck at $131,010, the typical annual property tax bill amounts to $1,241, which is below the national median of $2,690. Property taxes in Groesbeck are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Groesbeck'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 Groesbeck or another part of Limestone County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Groesbeck, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$1,441
$1,337
Ownwell’s Groesbeck Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Groesbeck with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Groesbeck 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 Groesbeck, Texas
Property taxes in Groesbeck, Texas, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Groesbeck is 1.10%, which is higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Groesbeck set these rates annually, and they can vary significantly across different neighborhoods. Each year, Groesbeck 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 Groesbeck's effective property tax rate to other counties in Texas and the national median. For comparison, the 76642 zip code has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Groesbeck provides valuable insights into the varying tax landscape across Limestone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Groesbeck Tax Rate
1.10%
Average Limestone County Tax Rate
1.05%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Groesbeck, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76642 | 0.39% | 0.70% | 1.10% | 1.45% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Groesbeck, Texas
In Groesbeck, 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 Limestone 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 Groesbeck, 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 Groesbeck helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 76642 has both the highest and lowest median tax bill at $1,241, while tax bills range from $545 at the 25th percentile to $4,926 at the 90th percentile.
Average Groesbeck Assessed Value
$131,010
Average Limestone County Assessed Value
$107,545
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Groesbeck, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76642 | $28,452 | $63,120 | $131,010 | $292,970 | $477,642 |
Source: Ownwell
Property Tax Bills Across Groesbeck, Texas
In Groesbeck, Limestone County, TX, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $131,010, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the home's location, size, and any applicable exemptions play a significant role in the final calculation. For homeowners, this means that a median-priced home in Groesbeck could see a tax bill around $1,241, which is notably higher than the national median property tax rate of 0.99%. The tax bill can vary significantly, with the 25th percentile at $545 and the 75th percentile reaching $2,928. At the 90th percentile, homeowners might face a tax bill as high as $4,926. These taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community.
Average Groesbeck Tax Bill
$1,241
Average Limestone County Tax Bill
$971
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Groesbeck, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76642 | $236 | $545 | $1,241 | $2,928 | $4,926 |
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 | |
|---|---|
| Limestone Appraisal District | |
| Website | esearch.limestonecad.com |