Southlake, Tarrant County, Texas Property Taxes

Local government entities in Texas set property tax rates, which can vary widely across the state. Each year, Tarrant County determines its budget needs for public services and divides this by the total value of all taxable property within its jurisdiction. This process establishes the property tax rate for residents. While there are votes and laws involved in setting tax rates and budgets, this is the essence of the annual procedure.

In Southlake, the effective property tax rate stands at 1.38%, which is notably higher than the national median of 1.02%. This places Southlake among the higher property tax rates in Texas, reflecting the county's budgetary requirements and property values. The median property tax rate in Texas can vary, but Southlake's rate is consistent with the highest in the area. Understanding these rates is crucial for property owners looking to manage their tax liabilities effectively. Comparing Southlake's rate to other Texas cities and the national median provides insight into the local tax landscape and helps residents make informed decisions about property ownership and investment.

Property tax bills in Southlake, located in Tarrant County, TX, are calculated based on the assessed value of a property and the local tax rate. The median home price in Southlake is $1,118,000, and homeowners can expect a median tax bill of $15,374. This is significantly higher than the national median property tax bill of $2,400. Factors influencing these bills include the property's assessed value, which can fluctuate based on market conditions and improvements made to the home. Homeowners in Southlake face tax bills ranging from $11,857 at the 25th percentile to $27,564 at the 90th percentile, reflecting the variability in property values and tax rates within the area.

Ownwell assists homeowners by providing property tax appeal and exemption services, helping to reduce their tax bills. By analyzing property assessments and identifying discrepancies, Ownwell can file appeals on behalf of homeowners, potentially lowering their assessed values and resulting in significant savings. This service is invaluable for Southlake homeowners looking to manage their property tax expenses effectively.