Waskom, Texas Property Taxes
The median property tax rate in Waskom, TX is 1.30%, which is notably higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With the median home value in Waskom at $94,595, the typical annual property tax bill amounts to $1,230, falling below the national median of $2,690. Property taxes in Waskom are calculated based on the assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Waskom'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 Waskom 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
Waskom, 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 Waskom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waskom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waskom 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 Waskom, Texas
Property taxes in Waskom, Texas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waskom is 1.30%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Waskom set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waskom 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 Waskom's effective property tax rate to other counties in Texas and the national median. For comparison, the 75692 zip code has the highest median property tax rate of 1.30%, while the 75692 zip code also has the lowest median tax rate of 1.30%. Understanding how these cities compare with Waskom 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 Waskom 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 Waskom, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75692 | 1.20% | 1.25% | 1.30% | 1.32% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Waskom, Texas
In Waskom, 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 Waskom, 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 Waskom helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Waskom is $94,595, with tax bills ranging from $376 at the 25th percentile to $2,416 at the 90th percentile. The highest and lowest median tax bills both fall in the 75692 zip code, averaging $1,230.
Average Waskom Assessed Value
$94,595
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 Waskom, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75692 | $13,460 | $30,370 | $94,595 | $156,165 | $184,985 |
Source: Ownwell
Property Tax Bills Across Waskom, Texas
In Waskom, property tax bills are determined by the assessed value of a home, which is calculated by the Panola County Appraisal District. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $94,595, homeowners can expect their property tax bills to vary significantly. The 25th percentile tax bill in Waskom is around $376, while the 75th percentile tax bill is approximately $2,008, and the 90th percentile tax bill can reach up to $2,416. These tax bills are influenced by various factors, including the property's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Waskom's tax rates and assessed values can offer some relief to homeowners, but higher-value properties will still see substantial tax bills. Understanding these factors can help homeowners better anticipate their annual property tax obligations and manage their finances accordingly.
Average Waskom Tax Bill
$1,230
Average Panola County Tax Bill
$1,139
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Waskom, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75692 | $162 | $376 | $1,230 | $2,008 | $2,416 |
Source: Ownwell