Walnut Springs, Texas Property Taxes
The median property tax rate in Walnut Springs, TX is 0.90%, which is below both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $551,220 in Walnut Springs, the typical annual property tax bill amounts to $4,065, significantly higher than the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural land. Understanding Walnut Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Walnut Springs or another part of the city, getting familiar with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Walnut Springs, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$4,961
$4,604
Ownwell’s Walnut Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walnut Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walnut Springs 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 Walnut Springs, Texas
Property taxes in Walnut Springs, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walnut Springs is 0.90%, which is lower than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Walnut Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walnut Springs 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 Walnut Springs' effective property tax rate to other counties in Texas and the national median. For comparison, the 76690 zip code has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with Walnut Springs provides valuable insights into the varying tax landscape across Bosque County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walnut Springs Tax Rate
0.90%
Average Somervell County Tax Rate
1.34%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walnut Springs, 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, Texas
In Walnut Springs, 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. 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. In Walnut Springs, the median home price is $551,220. The zip code 76690 has the highest and lowest median tax bill, both at $4,065. The 25th percentile tax bill is $1,888, while the 75th percentile tax bill is $6,378. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Walnut Springs Assessed Value
$551,220
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 Walnut Springs, 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, Texas
In Walnut Springs, 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 property's market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Walnut Springs, the median home price stands at $551,220. Property tax bills can vary significantly, with the 25th percentile at $1,888 and the 75th percentile at $6,378. The 90th percentile even reaches up to $7,975. Comparatively, the national median property tax rate is 0.99%, making Walnut Springs' tax landscape a crucial consideration for potential homeowners. These taxes fund essential public services such as schools, emergency services, and infrastructure, directly impacting the quality of life in the community. Therefore, understanding how property tax bills are calculated and what factors influence them is vital for homeowners in Walnut Springs.
Average Walnut Springs Tax Bill
$4,065
Average Somervell County Tax Bill
$3,715
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Walnut Springs, 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