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Canyon, Texas Property Taxes

The median property tax rate in Canyon, TX is 1.61%, which is considerably higher than the national median of 0.99% but slightly below the Texas state median of 1.67%. With the median home value in Canyon, the typical annual property tax bill reaches $3,775, significantly exceeding the national median of $2,690. Property taxes in Canyon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Canyon'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 Canyon or another part of Randall County, understanding the local property tax system will benefit both homeowners and real estate investors.

Last Updated June 14, 2024

Canyon, Texas Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Average Tax Rate

1.61%

Estimate Property Tax Bill

$3,892

$3,612

SAVE WITH OWNWELL

$1,148

Average Tax Savings

Ownwell’s Canyon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canyon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canyon to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Canyon. 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 Canyon, Texas

Property taxes in Canyon, Texas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canyon is 1.61%, higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Canyon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canyon 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 Canyon's effective property tax rate to other counties in Texas and the national median. For comparison, the 79015 zip code has the highest median property tax rate of 1.61%, while the 79119 zip code has the lowest median tax rate of 1.44%. Understanding how these cities compare with Canyon provides valuable insights into the varying tax landscape across Randall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.

Property Tax Rates Across Canyon, Texas

Source: Ownwell

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0.28%

1.11%

1.94%

Average Canyon Tax Rate

1.61%

Average Randall County Tax Rate

1.78%

Average Texas Tax Rate

1.67%

Average United States Tax Rate

0.99%

Property Tax Rates Across Canyon, Texas

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
790151.20%1.38%1.61%1.76%1.76%
79018N/AN/AN/AN/AN/A
79118N/AN/AN/AN/AN/A
791191.44%1.44%1.44%1.44%1.44%

Source: Ownwell

Property Tax Assessment Values Across Canyon, Texas

In Canyon, 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 Randall 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. Assessment notices in Canyon 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. The highest median tax bill in Canyon is found in the 79015 zip code at $3,776, while the lowest is in the 79119 zip code at $287. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.

Property Tax Assessment Values Across Canyon, Texas

Source: Ownwell

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$19,900

$180,093

$340,285

Average Canyon Assessed Value

$241,764

Average Randall County Assessed Value

$225,053

Average Texas Assessed Value

$247,950

Average United States Assessed Value

$244,900

Property Tax Assessment Values Across Canyon, Texas

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
79015$54,872$140,810$241,780$353,732$497,330
79018N/AN/AN/AN/AN/A
79118N/AN/AN/AN/AN/A
79119$19,900$19,900$19,900$19,900$19,900

Source: Ownwell

Property Tax Bills Across Canyon, Texas

In Canyon, located in Randall County, TX, property tax bills are calculated based on the assessed value of a property, which is determined by the local appraisal district. The assessed value is then multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $241,764, homeowners can expect varying tax bills. The 25th percentile tax bill is around $2,178, while the 75th percentile reaches $5,207, and the 90th percentile can be as high as $6,754. Comparatively, the national median property tax rate is 0.99%, indicating that Canyon's property tax rates can be significantly higher for some homeowners. Factors such as property size, location, and market conditions influence the assessed value, directly impacting the tax bill. High property taxes can strain homeowners financially, but Ownwell offers a solution. By leveraging expert knowledge in property tax appeals and exemptions, Ownwell helps homeowners potentially reduce their tax bills, ensuring they pay only their fair share. This service can lead to substantial savings, providing much-needed financial relief.

Property Tax Bills Across Canyon, Texas

Source: Ownwell

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$287

$3,021

$5,755

Average Canyon Tax Bill

$3,775

Average Randall County Tax Bill

$4,007

Average Texas Tax Bill

$3,971

Average United States Tax Bill

$2,690

Property Tax Bills Across Canyon, Texas

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
79015$838$2,178$3,776$5,207$6,754
79018N/AN/AN/AN/AN/A
79118N/AN/AN/AN/AN/A
79119$287$287$287$287$287

Source: Ownwell

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