Marshall, Texas Property Taxes
The median property tax rate in Marshall, TX is 1.30%, 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 Marshall, the typical annual property tax bill amounts to $1,796, which is below the national median of $2,690. Property taxes in Marshall are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Marshall'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 Marshall 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
Marshall, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$1,817
$1,686
Ownwell’s Marshall Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marshall with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marshall 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 Marshall, Texas
Property taxes in Marshall, Texas, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Marshall is 1.30%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Marshall set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marshall 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 Marshall's effective property tax rate to other counties in Texas and the national median. For comparison, the 75672 zip code has the highest median property tax rate of 1.30%, while the 75672 zip code also has the lowest median tax rate of 1.30%. Understanding how these cities compare with Marshall 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 Marshall Tax Rate
1.30%
Average Panola County Tax Rate
1.51%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marshall, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75672 | 1.23% | 1.28% | 1.30% | 1.32% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Marshall, Texas
In Marshall, 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. In Marshall, 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. The median home price in Marshall is $139,775, with tax bills ranging from $697 at the 25th percentile to $2,757 at the 90th percentile. The highest median tax bill in the area is $1,796 in the 75672 zip code. 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 Marshall helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Marshall Assessed Value
$139,775
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 Marshall, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75672 | $37,744 | $54,838 | $139,775 | $190,095 | $210,104 |
Source: Ownwell
Property Tax Bills Across Marshall, Texas
In Marshall, located in Panola County, TX, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. Once the market value is established, the local tax rate is applied to calculate the annual tax bill. Homeowners in Marshall face a range of property tax bills. For instance, the 25th percentile tax bill is around $697, while those in the 75th percentile can expect to pay approximately $2,488. The 90th percentile tax bill reaches up to $2,757. This variation highlights how different factors, such as property location, size, and market conditions, influence the final tax amount. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Higher property taxes can significantly impact homeowners by increasing their annual expenses, making it crucial for them to understand how their tax bill is determined and managed.
Average Marshall Tax Bill
$1,796
Average Panola County Tax Bill
$1,139
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Marshall, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75672 | $497 | $697 | $1,796 | $2,488 | $2,757 |
Source: Ownwell