Panola County, Texas Property Taxes
The median property tax rate in Panola County is 1.51%, which is significantly higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $71,020 in Panola County, the typical annual property tax bill amounts to $1,139, which is below the national median of $2,690. Property taxes in Panola County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Panola County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Carthage or another part of Panola County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Panola County, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$1,072
$995
Ownwell’s Panola County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Panola County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Panola County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Panola County, Texas
Property taxes in Panola County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Panola County is 1.51%, which is higher than both the Texas state median of 1.80% and the U.S. national median of 0.99%. Local government entities within Panola County set these rates annually, and they can vary significantly between different areas within the county. Each year, Panola County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Panola County's effective property tax rate with other counties in Texas and the national median. For comparison, the city of Gary has one of the higher property tax rates in Texas at 1.76%, while the city of Panola boasts one of the lowest at 1.22%. Analyzing how Panola County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Panola County Tax Rate
1.51%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Panola County, Texas
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Beckville | 1.39% | 1.48% | 1.50% | 1.80% | 1.91% |
| Carthage | 1.43% | 1.50% | 1.51% | 2.07% | 2.08% |
| Clayton | N/A | N/A | N/A | N/A | N/A |
| De Berry | 1.22% | 1.30% | 1.32% | 1.49% | 1.51% |
| Gary | 1.51% | 1.64% | 1.76% | 1.76% | 1.76% |
| Henderson | 1.42% | 1.48% | 1.50% | 1.50% | 1.50% |
| Joaquin | 1.38% | 1.47% | 1.66% | 1.66% | 1.66% |
| Long Branch | 1.35% | 1.46% | 1.51% | 1.51% | 1.51% |
| Marshall | 1.23% | 1.28% | 1.30% | 1.32% | 1.32% |
| Panola | N/A | N/A | N/A | N/A | N/A |
| Tatum | 1.49% | 1.53% | 1.62% | 1.74% | 1.74% |
| Tenaha | 1.36% | 1.43% | 1.51% | 1.51% | 1.51% |
| Timpson | 1.46% | 1.51% | 1.51% | 1.76% | 1.76% |
| Waskom | 1.20% | 1.25% | 1.30% | 1.32% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Panola County, Texas
In Panola County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Panola Appraisal District. The assessed value, however, 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 in Panola County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. In Panola County, tax bills can vary significantly, with Marshall having the highest median tax bill at $1,796 and Clayton the lowest at $530. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Panola County Assessed Value
$71,020
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Panola County, Texas
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Beckville | $9,525 | $26,555 | $70,505 | $144,570 | $248,827 |
| Carthage | $12,281 | $33,142 | $79,040 | $152,810 | $228,932 |
| Clayton | N/A | N/A | N/A | N/A | N/A |
| De Berry | $8,970 | $23,868 | $52,855 | $111,248 | $206,325 |
| Gary | $9,926 | $26,975 | $59,560 | $119,615 | $195,295 |
| Henderson | $19,512 | $26,290 | $64,280 | $119,440 | $291,122 |
| Joaquin | $7,820 | $25,888 | $50,925 | $82,502 | $195,465 |
| Long Branch | $11,538 | $26,695 | $67,650 | $139,340 | $228,586 |
| Marshall | $37,744 | $54,838 | $139,775 | $190,095 | $210,104 |
| Panola | N/A | N/A | N/A | N/A | N/A |
| Tatum | $7,463 | $29,618 | $64,515 | $141,590 | $214,441 |
| Tenaha | $12,446 | $30,112 | $68,715 | $128,625 | $209,682 |
| Timpson | $18,839 | $39,258 | $86,350 | $175,195 | $277,846 |
| Waskom | $13,460 | $30,370 | $94,595 | $156,165 | $184,985 |
Source: Ownwell
Property Tax Bills Across Panola County, Texas
In Panola County, TX, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county appraisal district and reflects the market value of the property. Once the assessed value is established, the tax rate set by local taxing authorities, such as school districts and municipalities, is applied to calculate the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, homeowners in Marshall face the highest median tax bill at $1,796, while those in Clayton experience the lowest at $530. The median home price in the county is $71,020, with tax bills ranging from the 25th percentile at $461 to the 90th percentile at $3,677. Understanding these factors is crucial for homeowners, as property taxes can significantly impact monthly budgets and overall financial planning, especially when compared to the national median property tax rate of 0.99%.
Average Panola County Tax Bill
$1,139
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Panola County, Texas
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Beckville | $149 | $404 | $1,107 | $2,200 | $3,592 |
| Carthage | $199 | $530 | $1,386 | $2,590 | $3,902 |
| Clayton | N/A | N/A | N/A | N/A | N/A |
| De Berry | $118 | $327 | $704 | $1,521 | $2,729 |
| Gary | $169 | $447 | $993 | $1,994 | $3,357 |
| Henderson | $283 | $394 | $964 | $1,791 | $4,326 |
| Joaquin | $130 | $401 | $760 | $1,329 | $3,064 |
| Long Branch | $170 | $395 | $982 | $2,085 | $3,452 |
| Marshall | $497 | $697 | $1,796 | $2,488 | $2,757 |
| Panola | N/A | N/A | N/A | N/A | N/A |
| Tatum | $113 | $511 | $1,045 | $2,258 | $3,407 |
| Tenaha | $188 | $439 | $973 | $1,924 | $3,159 |
| Timpson | $285 | $586 | $1,339 | $3,049 | $4,253 |
| Waskom | $162 | $376 | $1,230 | $2,008 | $2,416 |
Source: Ownwell