Richardson, Texas Property Taxes
The median property tax rate in Richardson, TX is 1.52%, notably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Richardson, the typical annual property tax bill reaches $160, exceeding the national median of $2,690. Property taxes in Richardson are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Richardson'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 Richardson 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
Richardson, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.52%
Estimate Property Tax Bill
$160
$149
Ownwell’s Richardson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richardson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richardson 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 Richardson, Texas
Property taxes in Richardson, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richardson is 2.03%, significantly higher than the Texas state median of 1.80% and the U.S. national median of 0.99%. Local government entities within Richardson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richardson 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 Richardson's effective property tax rate to other counties in Texas and the national median. For comparison, the 75080 zip code has the highest median property tax rate of 2.03%, while the 75080 zip code also has the lowest median tax rate of 2.03%. Understanding how these cities compare with Richardson provides valuable insights into the varying tax landscape across Collin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richardson Tax Rate
1.52%
Average San Augustine County Tax Rate
1.41%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richardson, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75082 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Richardson, Texas
In Richardson, 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 Dallas 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 Richardson, 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 Richardson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 75082 in Richardson has the highest and lowest median tax bill, both at $160.00.
Average Richardson Assessed Value
$10,530
Average San Augustine County Assessed Value
$60,840
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richardson, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75082 | $10,530 | $10,530 | $10,530 | $10,530 | $10,530 |
Source: Ownwell
Property Tax Bills Across Richardson, Texas
In Richardson, TX, located in San Augustine County, property tax bills are calculated based on the assessed value of your home. The county assessor determines this value by evaluating various factors such as the property's market value, location, and any improvements made. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Richardson, the median home price is quite low at $10,530, leading to relatively modest property tax bills. The 25th, 75th, and 90th percentiles all show a consistent tax bill of $160, which is significantly lower than the national median property tax rate of 0.99%. This consistency provides a predictable financial landscape for homeowners, making it easier to budget for annual expenses. The highest and lowest median tax bills in the area are both $160, specifically in the 75082 zip code, highlighting a uniform tax structure. This stability in property tax bills can be advantageous for homeowners, offering financial predictability and potentially making homeownership more accessible.
Average Richardson Tax Bill
$160
Average San Augustine County Tax Bill
$792
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Richardson, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75082 | $160 | $160 | $160 | $160 | $160 |
Source: Ownwell