Timpson, Texas Property Taxes
The median property tax rate in Timpson, TX is 1.51%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Timpson, the typical annual property tax bill reaches $1,339, which is below the national median of $2,690. Property taxes in Timpson are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Timpson'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 Timpson 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
Timpson, 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 Timpson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Timpson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Timpson 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 Timpson, Texas
Property taxes in Timpson, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Timpson is 1.51%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Timpson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Timpson 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 Timpson's effective property tax rate to other counties in Texas and the national median. For comparison, the 75975 zip code has the highest median property tax rate of 1.51%, while the 75975 zip code also has the lowest median tax rate of 1.51%. Understanding how these cities compare with Timpson 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 Timpson 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 Timpson, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75975 | 1.46% | 1.51% | 1.51% | 1.76% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Timpson, Texas
In Timpson, Texas, understanding the distinction between "market value" and "assessed value" is essential for navigating property taxes. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Panola County Appraisal District for tax purposes. Conversely, 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 Timpson, 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. For example, the median home price in Timpson is $86,350, with tax bills ranging from $586 at the 25th percentile to $4,253 at the 90th percentile. The highest and lowest median tax bills are both $1,339 in zip code 75975. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Timpson Assessed Value
$86,350
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 Timpson, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75975 | $18,839 | $39,258 | $86,350 | $175,195 | $277,846 |
Source: Ownwell
Property Tax Bills Across Timpson, Texas
In Timpson, located in Panola County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by local tax authorities. The tax rate is then applied to this assessed value to determine the annual tax bill. Factors influencing the assessed value include the market value of the home, property improvements, and market conditions. For homeowners in Timpson, the median home price stands at $86,350. Property tax bills can vary widely, with the 25th percentile tax bill at $586 and the 75th percentile reaching $3,049. At the 90th percentile, homeowners might pay as much as $4,253 annually. The highest and lowest median tax bill in the area is $1,339, indicating a consistent rate within the zip code 75975. Comparatively, the national median property tax rate is 0.99%, which can help homeowners gauge how their local taxes stack up against the broader national context. Understanding these factors helps homeowners plan their finances and anticipate annual tax obligations.
Average Timpson Tax Bill
$1,339
Average Panola County Tax Bill
$1,139
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Timpson, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75975 | $285 | $586 | $1,339 | $3,049 | $4,253 |
Source: Ownwell