Talpa, Texas Property Taxes
The median property tax rate in Talpa, TX is 1.65%, slightly lower than the Texas state median of 1.67% but significantly higher than the national median of 0.99%. With a median home value of $138,740 in Talpa, the typical annual property tax bill reaches $1,887, which is lower than the national median of $2,690. Property taxes in Talpa 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 Talpa'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 Talpa 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
Talpa, 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 TALPA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in TALPA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in TALPA 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 Talpa, Texas
Property taxes in Talpa, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Talpa is 1.65%, higher than both the Texas state median of 1.66% and the U.S. national median of 0.99%. Local government entities within Talpa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Talpa 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 Talpa's effective property tax rate to other counties in Texas and the national median. For comparison, the 76882 zip code has the highest median property tax rate of 1.65%, while the 76882 zip code has the lowest median tax rate of 1.65%. Understanding how these cities compare with Talpa 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 Talpa Tax Rate
1.65%
Average Runnels County Tax Rate
2.12%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Talpa, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76882 | 0.50% | 1.11% | 1.65% | 1.68% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Talpa, Texas
In Talpa, 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. Assessment notices in Talpa 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 Talpa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Talpa, the zip code with the highest median tax bill is 76882, with a median bill of $1887. The same zip code also has the lowest median tax bill, standing at $1887.
Average Talpa Assessed Value
$138,740
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 Talpa, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76882 | $28,500 | $87,710 | $138,740 | $212,670 | $433,290 |
Source: Ownwell
Property Tax Bills Across Talpa, Texas
In Talpa, property tax bills are determined based on the assessed value of a home, which is derived from the market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For a median home priced at $138,740, homeowners can expect varying tax bills depending on their property's assessed value. The 25th percentile tax bill is approximately $1,046, while those in the 75th percentile might see bills around $2,703. High-value properties can incur even higher taxes, with the 90th percentile reaching up to $3,865. Several factors influence these tax bills, including the property's market value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Talpa's tax rates can significantly impact homeowners' annual expenses. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly, ensuring they are not caught off guard by their property tax bills.
Average Talpa Tax Bill
$1,887
Average Runnels County Tax Bill
$1,423
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Talpa, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76882 | $374 | $1,046 | $1,887 | $2,703 | $3,865 |
Source: Ownwell