Spearman, Texas Property Taxes
The median property tax rate in Spearman, TX is 1.51%, which is notably higher than the national median of 0.99%, yet lower than the Texas state median of 1.67%. With a median home value of $130,707, the typical annual property tax bill in Spearman amounts to $1,685, which is below the national median of $2,690. Property taxes in Spearman are based on the tax assessed value, often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Spearman'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 Spearman 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
Spearman, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$1,974
$1,832
Ownwell’s Spearman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spearman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spearman 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 Spearman, Texas
Property taxes in Spearman, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spearman is 1.51%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Spearman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spearman 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 Spearman's effective property tax rate to other counties in Texas and the national median. For comparison, the 79081 zip code has the highest median property tax rate of 1.51%, while the same zip code also has the lowest median tax rate of 1.51%. Understanding how these cities compare with Spearman 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 Spearman Tax Rate
1.51%
Average Ochiltree County Tax Rate
1.91%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spearman, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79081 | 0.78% | 1.04% | 1.51% | 1.68% | 2.27% |
Source: Ownwell
Property Tax Assessment Values Across Spearman, Texas
In Spearman, 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. In Spearman, 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 Spearman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 79081, with a median tax bill of $1,685, which is below the national median property tax rate of 0.99%.
Average Spearman Assessed Value
$130,707
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 Spearman, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79081 | $19,262 | $56,395 | $130,707 | $254,535 | $654,756 |
Source: Ownwell
Property Tax Bills Across Spearman, Texas
In Spearman, located in Ochiltree County, TX, property tax bills are determined by assessing the value of a homeowner's property and applying the local tax rate. The median home price in Spearman is $130,707. Property tax rates are applied to this assessed value to calculate the annual tax bill. For homeowners in Spearman, the tax bill can vary significantly. At the 25th percentile, homeowners can expect to pay around $681, while those at the 75th percentile may see bills as high as $3,930. The 90th percentile tax bill can reach up to $5,025. These variations are influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, the rates in Spearman can be quite different, impacting homeowners' financial planning. Understanding these factors is crucial for homeowners to anticipate their annual expenses and budget accordingly. The highest and lowest median tax bills in the area both stand at $1,685, demonstrating some consistency in property tax assessments.
Average Spearman Tax Bill
$1,685
Average Ochiltree County Tax Bill
$1,480
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Spearman, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79081 | $308 | $681 | $1,685 | $3,930 | $5,025 |
Source: Ownwell