Timpson, Texas Property Taxes
The median property tax rate in Timpson, TX is 0.75%, noticeably lower than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value in Timpson of $61,835, the typical annual property tax bill amounts to $422, which is significantly below the national median of $2,690. Property taxes in Timpson are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Timpson's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Timpson or elsewhere in Shelby County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Timpson, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$464
$430
Ownwell’s Timpson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Timpson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Timpson 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 Timpson, Texas
Property taxes in Timpson, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Timpson is 0.75%, which is lower than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Timpson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Timpson 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 Timpson's effective property tax rate to other counties in Texas and the national median. For comparison, the 75975 zip code has the highest median property tax rate of 0.75%, while the 75975 zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Timpson provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Timpson Tax Rate
0.75%
Average Shelby County Tax Rate
0.80%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Timpson, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75975 | 0.17% | 0.39% | 0.75% | 1.71% | 2.07% |
Source: Ownwell
Property Tax Assessment Values Across Timpson, Texas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Timpson, Texas. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Shelby 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 Timpson, 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, the median home price in Timpson is $61,835, with property tax bills varying significantly. The 25th percentile tax bill is $165, while the 75th percentile reaches $1,018, and the 90th percentile can go up to $1,997. The zip code 75975 has both the highest and lowest median tax bill of $422. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Timpson Assessed Value
$61,835
Average Shelby County Assessed Value
$64,740
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Timpson, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75975 | $8,495 | $20,278 | $61,835 | $143,990 | $277,315 |
Source: Ownwell
Property Tax Bills Across Timpson, Texas
In Timpson, Shelby County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value of the property. Homeowners in Timpson can expect varying tax bills, with the 25th percentile paying around $165 and the 75th percentile facing bills as high as $1,018. The highest median tax bill in the area is $422, found in the 75975 zip code, which is notably lower than the national median property tax rate of 0.99%. Factors that influence the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. For homeowners, understanding how these elements interact is essential for financial planning and anticipating annual property tax obligations. Being aware of how these taxes are calculated can help homeowners better manage their budgets and plan for any potential increases.
Average Timpson Tax Bill
$422
Average Shelby County Tax Bill
$429
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Timpson, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75975 | $67 | $165 | $422 | $1,018 | $1,997 |
Source: Ownwell