Big Spring, Texas Property Taxes
The median property tax rate in Big Spring, TX is 0.36%, significantly lower than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $434,345 in Big Spring, the typical annual property tax bill is $1,556, which is notably less than the national median of $2,690. Property taxes in Big Spring are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Big Spring'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 Big Spring or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Big Spring, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$1,564
$1,451
Ownwell’s BIG SPRING Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BIG SPRING with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BIG SPRING 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 Big Spring, Texas
Property taxes in Big Spring, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Spring is 0.36%, which is lower than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Big Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Spring 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 Big Spring's effective property tax rate to other counties in Texas and the national median. For comparison, Fort Bend County has the highest median property tax rate of 2.23%, while Ward County has the lowest median tax rate of 0.68%. Understanding how these cities compare with Big Spring provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Spring Tax Rate
0.36%
Average Mitchell County Tax Rate
1.88%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Spring, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79720 | 0.36% | 0.36% | 0.36% | 0.36% | 0.36% |
Source: Ownwell
Property Tax Assessment Values Across Big Spring, Texas
In Big Spring, 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 Mitchell 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 Big Spring, 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 Big Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 79720, both at $1,556.
Average Big Spring Assessed Value
$434,345
Average Mitchell County Assessed Value
$57,050
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Spring, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79720 | $434,345 | $434,345 | $434,345 | $434,345 | $434,345 |
Source: Ownwell
Property Tax Bills Across Big Spring, Texas
In Big Spring, located in Mitchell County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county appraisal district, reflecting the market value of the property. Homeowners in Big Spring can expect their property tax bills to be influenced by several factors, including the property's location, size, and any applicable exemptions. The median home price in Big Spring is $434,345, and the median tax bill stands at $1,556. This figure is consistent across the 25th, 75th, and 90th percentiles, indicating a uniform tax rate in the area. Compared to the national median property tax rate of 0.99%, Big Spring's rate is relatively favorable for homeowners. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. For homeowners, understanding how these factors interplay can help in financial planning and anticipating annual tax obligations.
Average Big Spring Tax Bill
$1,556
Average Mitchell County Tax Bill
$1,077
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Spring, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79720 | $1,556 | $1,556 | $1,556 | $1,556 | $1,556 |
Source: Ownwell