Norton, Texas Property Taxes
The median property tax rate in Norton, TX is 1.64%, slightly lower than the Texas state median of 1.67% but still considerably higher than the national median of 0.99%. With the median home value in Norton at $80,140, the typical annual property tax bill reaches $1,227, which is below the national median of $2,690. Property taxes in Norton are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Norton’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 Norton 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
Norton, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.64%
Estimate Property Tax Bill
$1,314
$1,220
Ownwell’s Norton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norton 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 Norton, Texas
Property taxes in Norton, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norton is 1.64%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Norton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norton 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 Norton's effective property tax rate to other counties in Texas and the national median. For comparison, the 76865 zip code has the highest median property tax rate of 1.64%, while the lowest median tax rate is also within the same zip code at 1.64%. Understanding how these cities compare with Norton provides valuable insights into the varying tax landscape across Runnels County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norton Tax Rate
1.64%
Average Runnels County Tax Rate
2.12%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norton, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76865 | 0.91% | 1.44% | 1.64% | 1.69% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Norton, Texas
In Norton, 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 Runnels 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 Norton, 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. The median home price in Norton is $80,140, with tax bills varying significantly. For instance, the 25th percentile tax bill is $558, while the 75th percentile tax bill reaches $1,841. The highest median tax bill is $1,227 in the 76865 zip code. Being aware of these valuation processes in Norton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Norton Assessed Value
$80,140
Average Runnels County Assessed Value
$72,550
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norton, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76865 | $13,988 | $33,750 | $80,140 | $118,640 | $275,860 |
Source: Ownwell
Property Tax Bills Across Norton, Texas
In Norton, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the county's appraisal district. The median home price in Norton is $80,140, and the property tax rate is applied to this assessed value. Factors such as the property's market value, location, and any applicable exemptions are considered in determining the final tax bill. For homeowners, this means that the amount they owe can vary significantly. For instance, the 25th percentile tax bill in Norton is $558, while the 75th percentile tax bill is $1,841. At the 90th percentile, homeowners could see tax bills as high as $3,299. Comparatively, the highest median tax bill in the region is $1,227, found in the 76865 zip code. These property taxes fund local services such as schools, public safety, and infrastructure, directly impacting the quality of life in Norton. Understanding how these taxes are calculated can help homeowners better manage their expenses and plan for the future.
Average Norton Tax Bill
$1,227
Average Runnels County Tax Bill
$1,423
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Norton, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76865 | $199 | $558 | $1,227 | $1,841 | $3,299 |
Source: Ownwell