Farnsworth, Texas Property Taxes
The median property tax rate in Farnsworth, TX is 1.99%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Farnsworth at $55,603, the typical annual property tax bill reaches $959, which is below the national median of $2,690. Property taxes in Farnsworth are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Farnsworth'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 Farnsworth or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farnsworth, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.99%
Estimate Property Tax Bill
$1,106
$1,027
Ownwell’s Farnsworth Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Farnsworth with just two simple inputs. By entering your property's estimated assessed value, the calculator leverages the median tax rate in Farnsworth to provide an accurate estimate of your property tax bill. This invaluable tool offers clarity on potential tax liabilities, helping you make informed financial decisions. For those interested in more granular insights, additional neighborhood-level trends are available further down the page. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Farnsworth, Texas
Property taxes in Farnsworth, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farnsworth is 1.99%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Farnsworth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farnsworth 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 Farnsworth's effective property tax rate to other counties in Texas and the national median. For comparison, the 79033 zip code has the highest median property tax rate of 1.99%, while the lowest median tax rate is also 1.99%. Understanding how these cities compare with Farnsworth provides valuable insights into the varying tax landscape across Ochiltree County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farnsworth Tax Rate
1.99%
Average Ochiltree County Tax Rate
1.91%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farnsworth, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79033 | 1.03% | 1.32% | 1.99% | 2.05% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Farnsworth, Texas
In Farnsworth, 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 Ochiltree 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. 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 Farnsworth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Farnsworth, the median home price is $55,603. The lowest median tax bill is $959 in zip code 79033, while the highest median tax bill is also $959 in the same zip code.
Average Farnsworth Assessed Value
$55,603
Average Ochiltree County Assessed Value
$77,932
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farnsworth, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79033 | $4,485 | $12,582 | $55,603 | $123,679 | $147,900 |
Source: Ownwell
Property Tax Bills Across Farnsworth, Texas
Property tax bills in Farnsworth, located in Ochiltree County, TX, are calculated based on the assessed value of a property and the local tax rate. The median home price in Farnsworth is $55,603, which serves as a baseline for determining the assessed value. Once the property is assessed, the local tax rate is applied to this value to calculate the annual tax bill. Several factors influence the final tax bill, including the property’s assessed value, the local tax rate, and any applicable exemptions or deductions. For instance, tax bills can vary significantly within the city, with the 25th percentile at $239 and the 75th percentile reaching up to $1,694. Even more, the 90th percentile tax bill can be as high as $2,250. These property taxes directly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Comparing these figures to the national median property tax rate of 0.99%, Farnsworth homeowners experience a diverse range of tax liabilities, reflecting the variability in property values and local tax policies.
Average Farnsworth Tax Bill
$959
Average Ochiltree County Tax Bill
$1,480
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Farnsworth, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79033 | $79 | $239 | $959 | $1,694 | $2,250 |
Source: Ownwell