Carthage, Texas Property Taxes
The median property tax rate in Carthage, TX, is 1.51%, which is higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With the median home value in Carthage at $79,040, the typical annual property tax bill amounts to $1,386, falling below the national median of $2,690. Property taxes in Carthage are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Carthage'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 Carthage or another part of Panola County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Carthage, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
Ownwell’s Carthage Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Carthage with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Carthage to estimate your property tax bill. This valuable tool provides a clear understanding of potential tax liabilities. For those interested in more detailed insights, localized information is available further down the page. Your property’s assessed value is the value assigned by Panola County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Carthage, Texas
Property taxes in Carthage, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carthage is 1.51%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Carthage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carthage 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 Carthage's effective property tax rate to other counties in Texas and the national median. For comparison, the 75633 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 Carthage provides valuable insights into the varying tax landscape across Panola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carthage Tax Rate
1.51%
Average Panola County Tax Rate
1.51%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carthage, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75633 | 1.43% | 1.50% | 1.51% | 2.07% | 2.08% |
Source: Ownwell
Property Tax Assessment Values Across Carthage, Texas
In Carthage, 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 Panola 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 Carthage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Carthage, the median home price is $79,040, with tax bills ranging from $530 at the 25th percentile to $3,902 at the 90th percentile. The highest and lowest median tax bills in the area are both $1,386, found in zip code 75633.
Average Carthage Assessed Value
$79,040
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 Carthage, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75633 | $12,281 | $33,142 | $79,040 | $152,810 | $228,932 |
Source: Ownwell
Property Tax Bills Across Carthage, Texas
In Carthage, located in Panola County, TX, property tax bills are determined based on the assessed value of a home. The median home price stands at $79,040, and property taxes are calculated by applying the local tax rate to this assessed value. Factors such as property size, location, and improvements can influence the assessed value, ultimately affecting the tax bill. For example, homeowners in the 25th percentile can expect a tax bill around $530, while those in the 75th percentile may see bills as high as $2,590. The 90th percentile tax bill reaches up to $3,902, highlighting the range of possible tax obligations. Compared to the national median property tax rate of 0.99%, Carthage's tax bills can be considered moderate. Homeowners should be aware of these factors as they can significantly impact annual expenses, making it crucial to understand how the assessed value and local tax rates interact to determine their property tax bills.
Average Carthage Tax Bill
$1,386
Average Panola County Tax Bill
$1,139
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Carthage, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75633 | $199 | $530 | $1,386 | $2,590 | $3,902 |
Source: Ownwell