Nemo, Texas Property Taxes
The median property tax rate in NEMO, TX is 1.18%, which is significantly higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $447,370 in NEMO, the typical annual property tax bill reaches $5,054, surpassing the national median of $2,690. Property taxes in NEMO are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural use. Gaining a clear understanding of NEMO's property tax system, along with exploring available exemptions and identifying potential reductions, can lead to substantial annual savings. Whether you're located in the heart of NEMO or its surrounding areas, familiarizing yourself with the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Nemo, 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 NEMO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NEMO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NEMO 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 Nemo, Texas
Property taxes in Nemo, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nemo is 1.18%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Nemo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nemo 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 Nemo's effective property tax rate to other counties in Texas and the national median. For comparison, the 76070 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Nemo 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 Nemo Tax Rate
1.18%
Average Somervell County Tax Rate
1.34%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nemo, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76070 | 0.57% | 0.93% | 1.18% | 1.51% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Nemo, Texas
In NEMO, 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 NEMO, 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 NEMO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in NEMO is $5,054 in zip code 76070, while the lowest median tax bill is also $5,054 in zip code 76070.
Average Nemo Assessed Value
$447,370
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 Nemo, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76070 | $133,250 | $224,745 | $447,370 | $639,850 | $872,970 |
Source: Ownwell
Property Tax Bills Across Nemo, Texas
In NEMO, located in Somervell County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county appraisal district, which evaluates the market value of properties. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For instance, with a median home price of $447,370 in NEMO, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $2,606, while at the 75th percentile, it rises to $6,629. The 90th percentile sees tax bills as high as $9,230. These figures highlight the variability in tax obligations depending on the property's assessed value and the applicable tax rate. Homeowners in NEMO experience property tax rates that can significantly impact their annual financial planning. Compared to the national median property tax rate of 0.99%, the rates in Somervell County reflect the local economic conditions and funding requirements for public services.
Average Nemo Tax Bill
$5,054
Average Somervell County Tax Bill
$3,715
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Nemo, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76070 | $1,327 | $2,606 | $5,054 | $6,629 | $9,230 |
Source: Ownwell