Walnut Springs, Somervell County, Texas Property Taxes
Median Walnut Springs, TX effective property tax rate: 0.90%, significantly lower than the national median of 1.02%, but lower than the Texas state median of 1.67%.
Median Walnut Springs, TX home value: $551,220
Median annual Walnut Springs, TX tax bill: $4,065, $1,665 higher than the national median property tax bill of $2,400.
How are property taxes in Somervell calculated?
Property taxes in Walnut Springs, TX are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Walnut Springs’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Walnut Springs, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Walnut Springs, Somervell County, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.9%
Estimate Property Tax Bill
$4,961
$4,604
Property Tax Rates Across Walnut Springs, Somervell County, Texas
Local government entities are responsible for setting property tax rates, which can differ significantly across Texas. Each year, counties like Somervell estimate their budget needs for public services and divide this by the total assessed value of all taxable property within their jurisdiction. This calculation determines the property tax rate. Although the process involves votes and regulations, this is the essence of how property tax rates are set annually.
In Walnut Springs, located in Somervell County, the effective property tax rate stands at 0.90%, which is below the national median of 1.02%. This positions Walnut Springs as an attractive option for property owners seeking lower tax rates. When comparing this rate to other cities within Texas and the U.S., Walnut Springs offers a financial advantage due to its lower property tax burden. This could be especially appealing to homeowners and investors looking to maximize their investment returns while enjoying the benefits of local services funded by property taxes.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Walnut Springs Tax Rate
0.90%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Somervell County Tax Rate
1.34%
Median Effective Texas Tax Rate
1.67%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Walnut Springs, Somervell County, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76690 | 0.22% | 0.42% | 0.90% | 1.19% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Walnut Springs, Somervell County, Texas
When examining property taxes in Walnut Springs, TX, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Somervell County Appraisal District estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Somervell County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Walnut Springs. For example, the median home price in Walnut Springs is $551,220, with tax bills ranging significantly across the county. Zip code 76690 has the highest median home price at $551,220.
Property Tax Assessment Values Across Walnut Springs, Somervell County, Texas
Source: Ownwell
$193,745
$519,473
$845,200
Median Walnut Springs Market Value
$551,220
Median Somervell County Market Value
$301,475
Median Texas Market Value
$247,950
Median United States Market Value
$235,294
Property Tax Assessment Values Across Walnut Springs, Somervell County, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76690 | $63,943 | $275,458 | $551,220 | $861,942 | $1,386,247 |
Source: Ownwell
Property Tax Bills Across Walnut Springs, Somervell County, Texas
In Walnut Springs, located in Somervell County, TX, property tax bills are determined by the assessed value of a home, which is set by the local tax assessor. The median home price here is $551,220, and property taxes can vary significantly. For example, homeowners at the 25th percentile pay around $1,888, while those at the 75th percentile face bills of approximately $6,378. The 90th percentile sees tax bills as high as $7,975. This variation can impact homeowners' budgets, especially when compared to the national median property tax bill of $2,400.
Ownwell steps in to assist homeowners by providing expert property tax appeal services. By analyzing property assessments and identifying discrepancies, Ownwell helps homeowners reduce their tax liabilities. This can lead to substantial savings, especially for those facing higher-than-average tax bills. With Ownwell's expertise, homeowners in Walnut Springs can ensure their property taxes are fair and manageable, providing financial relief and peace of mind.
Median Walnut Springs Tax Bill
$4,065
Median Somervell County Tax Bill
$3,715
Median Texas Tax Bill
$3,971
Median United States Tax Bill
$2,400
Property Tax Bills Across Walnut Springs, Somervell County, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76690 | $1,054 | $1,888 | $4,065 | $6,378 | $7,975 |
Source: Ownwell