Texhoma, Texas Property Taxes
The median property tax rate in Texhoma, TX is 0.50%, significantly lower than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Texhoma, the typical annual property tax bill reaches $323, well below the national median of $2,690. Property taxes in Texhoma are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Texhoma'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 Texhoma or another part of Sherman County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Texhoma, 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 Texhoma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Texhoma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Texhoma 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 Texhoma, Texas
Property taxes in Texhoma, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Texhoma is 0.50%, which is lower than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Texhoma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Texhoma 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 Texhoma's effective property tax rate to other counties in Texas and the national median. For comparison, the 73960 zip code has the highest median property tax rate of 0.50%, while the same 73960 zip code also has the lowest median tax rate of 0.50%. Understanding how these cities compare with Texhoma provides valuable insights into the varying tax landscape across Sherman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Texhoma Tax Rate
0.50%
Average Sherman County Tax Rate
0.41%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Texhoma, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73960 | 0.37% | 0.45% | 0.50% | 0.51% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Texhoma, Texas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Texhoma, Texas. The market value represents 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 Sherman 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 Texhoma, 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 highest median tax bill in Texhoma is $323, found in the 73960 zip code, while the lowest median tax bill is also $323 in the same zip code. 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 Texhoma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Texhoma Assessed Value
$69,870
Average Sherman County Assessed Value
$101,340
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Texhoma, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73960 | $16,264 | $36,270 | $69,870 | $112,885 | $196,284 |
Source: Ownwell
Property Tax Bills Across Texhoma, Texas
Property tax bills in Texhoma, Sherman County, TX, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. For homeowners in Texhoma, the median home price is $69,870. The tax bills vary widely across the city. The 25th percentile tax bill is $145, while those at the 75th percentile pay around $520. Homeowners at the 90th percentile see tax bills as high as $911. These variations are influenced by factors such as property size, location, and improvements made to the property. Compared to the national median property tax rate of 0.99%, Texhoma's property tax bills are relatively moderate. This can be a significant factor for homeowners evaluating the overall cost of living in the area. Understanding these dynamics helps homeowners budget effectively and plan for future expenses.
Average Texhoma Tax Bill
$323
Average Sherman County Tax Bill
$384
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Texhoma, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73960 | $77 | $145 | $323 | $520 | $911 |
Source: Ownwell