Tatum, Texas Property Taxes
The median property tax rate in Tatum, TX is 1.62%, which is higher than the national median of 0.99% but slightly below the Texas state median of 1.67%. With a median home value of $64,515, the typical annual property tax bill in Tatum reaches $1,045, significantly lower than the national median of $2,690. Property taxes in Tatum are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural use. Understanding Tatum's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Tatum or another part of Panola County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tatum, 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 Tatum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tatum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tatum 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 Tatum, Texas
Property taxes in Tatum, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tatum is 1.62%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Tatum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tatum 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 Tatum's effective property tax rate to other counties in Texas and the national median. For comparison, the 75691 zip code has both the highest and lowest median property tax rate of 1.62%. Understanding how these cities compare with Tatum 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 Tatum Tax Rate
1.62%
Average Panola County Tax Rate
1.51%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tatum, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75691 | 1.49% | 1.53% | 1.62% | 1.74% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Tatum, Texas
In Tatum, 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 Tatum, 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. For instance, the median home price in Tatum is $64,515, with tax bills ranging from $511 at the 25th percentile to $3,407 at the 90th percentile. The zip code with the highest median tax bill is 75691, with a value of $1,045. 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 Tatum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tatum Assessed Value
$64,515
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 Tatum, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75691 | $7,463 | $29,618 | $64,515 | $141,590 | $214,441 |
Source: Ownwell
Property Tax Bills Across Tatum, Texas
In Tatum, located in Panola County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value, which is a percentage of the property's market value, forms the foundation of the tax bill. For instance, with a median home price of $64,515, homeowners can expect their property taxes to reflect this assessed value. Several factors influence the final tax bill, including local government budgets, school district funding needs, and other community services. These factors collectively determine the tax rate applied to the assessed value. In Tatum, property tax bills can vary significantly, with the 25th percentile tax bill at $511 and the 75th percentile reaching $2,258. The 90th percentile tax bill can go as high as $3,407. For homeowners, these taxes impact monthly mortgage payments and overall housing affordability. Compared to the national median property tax rate of 0.99%, Tatum's rates can fluctuate based on the specific assessed values and local tax demands, affecting the financial planning of property owners.
Average Tatum Tax Bill
$1,045
Average Panola County Tax Bill
$1,139
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Tatum, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75691 | $113 | $511 | $1,045 | $2,258 | $3,407 |
Source: Ownwell