Northwood, Texas Property Taxes
The median property tax rate in Northwood, TX is 3.66%, significantly higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Northwood, the typical annual property tax bill reaches $220, which is below the national median of $2,690. Property taxes in Northwood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Northwood'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 Northwood 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
Northwood, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.66%
Estimate Property Tax Bill
$220
$204
Ownwell’s Northwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Northwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Northwood 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 Northwood, Texas
Property taxes in Northwood, Texas, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Northwood is 2.50%, which is higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Northwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Northwood 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 Northwood's effective property tax rate to other counties in Texas and the national median. For comparison, the 77494 zip code has the highest median property tax rate of 3.91%, while the 79821 zip code has the lowest median tax rate of 0.61%. Understanding how these cities compare with Northwood provides valuable insights into the varying tax landscape across Rains County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Northwood Tax Rate
3.66%
Average Rains County Tax Rate
1.71%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Northwood, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Northwood, Texas
In Northwood, 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 local 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 Northwood, 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, in the zip codes with the highest tax bills, homeowners may see figures around $220, while those in areas with the lowest tax bills also see similar amounts. 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 Northwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Northwood Assessed Value
$6,000
Average Rains County Assessed Value
$62,105
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Northwood, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Northwood, Texas
In Northwood, located in Rains County, TX, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the Rains County Appraisal District, which evaluates properties annually. This assessed value is then multiplied by the local tax rate to determine the tax bill. Northwood's property tax rate is set by local taxing authorities and can vary each year. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the property. Homeowners in Northwood should be aware that even small changes in the assessed value can significantly impact their tax bills. For instance, with a median home price of $6,000, the tax bills range from $220 at the 25th percentile to $220 at the 90th percentile, reflecting a consistent tax rate across different property values. Understanding how property tax bills are calculated helps homeowners anticipate their annual expenses and budget accordingly, ensuring they are prepared for any fluctuations in their tax obligations.
Average Northwood Tax Bill
$220
Average Rains County Tax Bill
$1,103
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Northwood, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 15 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Rains Appraisal District | |
| Website | esearch.rainscad.org |