Tolar, Texas Property Taxes
The median property tax rate in Tolar, TX is 0.85%, which is lower than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value in Tolar of $429,340, the typical annual property tax bill is around $3,638, surpassing the national median of $2,690. Property taxes in Tolar 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 Tolar'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 Tolar 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
Tolar, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$3,649
$3,387
Ownwell’s Tolar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tolar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tolar 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 Tolar, Texas
Property taxes in Tolar, Texas, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Tolar is 1.09%, higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Tolar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tolar 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 Tolar's effective property tax rate to other counties in Texas and the national median. For comparison, the 76476 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Tolar provides valuable insights into the varying tax landscape across Hood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tolar Tax Rate
0.85%
Average Somervell County Tax Rate
1.34%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tolar, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76476 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Tolar, Texas
In Tolar, 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 local 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 Tolar, 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 Tolar helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Tolar are both $3,638, found in the 76476 zip code.
Average Tolar Assessed Value
$429,340
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 Tolar, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76476 | $429,340 | $429,340 | $429,340 | $429,340 | $429,340 |
Source: Ownwell
Property Tax Bills Across Tolar, Texas
In Tolar, located in Somervell County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the county appraisal district. The assessed value is a percentage of the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Tolar, the median home price is $429,340. The property tax rate in Somervell County leads to a median tax bill of $3,638, which is notably higher than the national median property tax rate of 0.99%. Factors such as property improvements, neighborhood developments, and changes in the real estate market can influence the assessed value, thereby affecting the tax bill. For homeowners, this means that any increase in the market value of their home could result in higher property taxes. Conversely, if the market value decreases, the tax bill may also be lower, providing some relief to homeowners.
Average Tolar Tax Bill
$3,638
Average Somervell County Tax Bill
$3,715
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Tolar, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76476 | $3,638 | $3,638 | $3,638 | $3,638 | $3,638 |
Source: Ownwell