Knott, Texas Property Taxes
The median property tax rate in Knott, TX is 0.22%, significantly lower than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $119,505 in Knott, the typical annual property tax bill is around $300, well below the national median of $2,690. Property taxes in Knott are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Knott’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 Knott or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Knott, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.22%
Estimate Property Tax Bill
$263
$244
Ownwell’s Knott Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Knott with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Knott to project your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Knott, Texas
Property taxes in Knott, Texas, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Knott is 1.35%, 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 Knott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knott 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 Knott's effective property tax rate to other counties in Texas and the national median. For comparison, the zip code 77494 has the highest median property tax rate of 3.33%, while the zip code 75501 has the lowest median tax rate of 0.53%. Understanding how these cities compare with Knott provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Knott Tax Rate
0.22%
Average Martin County Tax Rate
0.22%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knott, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79748 | 0.21% | 0.21% | 0.22% | 0.22% | 0.24% |
Source: Ownwell
Property Tax Assessment Values Across Knott, Texas
In Knott, 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 Martin 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 Knott, 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. For instance, the highest median tax bill in Knott is $300.00 in the 79748 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Knott Assessed Value
$119,505
Average Martin County Assessed Value
$66,090
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Knott, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79748 | $36,893 | $63,730 | $119,505 | $227,342 | $365,074 |
Source: Ownwell
Property Tax Bills Across Knott, Texas
In Knott, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The median home price in Knott is $119,505, and the property tax rate in Texas is generally lower than the national median of 0.99%. The tax bill for a home in the 25th percentile is approximately $139, while homes in the 75th and 90th percentiles have tax bills around $502 and $758, respectively. Several factors influence the final tax bill, including the property's assessed value and the specific tax rate set by local taxing authorities. Homeowners in Knott should be aware that their property tax bill can fluctuate based on changes in the assessed value of their home and any adjustments to the local tax rate. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure, directly affecting the quality of life in the community.
Average Knott Tax Bill
$300
Average Martin County Tax Bill
$154
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Knott, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79748 | $79 | $139 | $300 | $502 | $758 |
Source: Ownwell