Granbury, Texas Property Taxes
The median property tax rate in Granbury, TX is 1.39%, which is higher than the national median of 0.99% yet lower than the Texas state median of 1.67%. With a median home value of $193,745 in Granbury, the typical annual property tax bill amounts to $2,245, which is below the national median of $2,690. Property taxes in Granbury are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural land. Navigating Granbury's property tax system, leveraging available exemptions, and identifying potential reductions can result in substantial annual savings. Whether you reside in Granbury or another part of Somervell County, understanding the local property tax system can be advantageous for homeowners and real estate investors alike.
Last Updated June 14, 2024
Granbury, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$2,693
$2,499
Ownwell’s Granbury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Granbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Granbury 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 Granbury, Texas
Property taxes in Granbury, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Granbury is 1.39%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Granbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Granbury 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 Granbury's effective property tax rate to other counties in Texas and the national median. For comparison, the 76048 zip code has the highest median property tax rate of 1.39%, while the 76048 zip code also has the lowest median tax rate of 1.39%. Understanding how these cities compare with Granbury provides valuable insights into the varying tax landscape across Somervell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Granbury Tax Rate
1.39%
Average Somervell County Tax Rate
1.34%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Granbury, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76048 | 0.73% | 0.86% | 1.39% | 1.51% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Granbury, Texas
In Granbury, 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 Somervell 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 Granbury, 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 Granbury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 76048 has the highest and lowest median tax bill in the area, both at $2,245.
Average Granbury Assessed Value
$193,745
Average Somervell County Assessed Value
$301,475
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Granbury, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76048 | $81,966 | $132,750 | $193,745 | $266,600 | $459,168 |
Source: Ownwell
Property Tax Bills Across Granbury, Texas
Property tax bills in Granbury, located in Somervell County, TX, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county appraisal district and is typically a percentage of the market value of the home. For instance, with a median home price of $193,745, homeowners can expect varying tax bills depending on the assessed value and exemptions they qualify for. The tax bill is influenced by several factors including property size, location, and any applicable exemptions. In Granbury, property tax bills can range significantly. At the 25th percentile, homeowners might pay around $1,414, while those at the 75th percentile could see bills as high as $3,441. The top 10% of tax bills can even reach up to $6,173. These property taxes fund essential local services such as schools, emergency services, and infrastructure. Homeowners should be aware of their assessed values and tax rates to manage their financial planning effectively.
Average Granbury Tax Bill
$2,245
Average Somervell County Tax Bill
$3,715
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Granbury, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76048 | $949 | $1,414 | $2,245 | $3,441 | $6,173 |
Source: Ownwell