Wellman, Texas Property Taxes
The median property tax rate in Wellman, TX is 2.55%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Wellman, the typical annual property tax bill reaches $469, which, while lower than the national median of $2,690, can still be a burden for many homeowners. Property taxes in Wellman 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 Wellman'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 Wellman or another part of Terry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wellman, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.55%
Estimate Property Tax Bill
$631
$584
Ownwell’s Wellman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wellman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wellman 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 Wellman, Texas
Property taxes in Wellman, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wellman is 2.55%, significantly higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Wellman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wellman 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 Wellman's effective property tax rate to other counties in Texas and the national median. For comparison, the 79378 zip code has the highest median property tax rate of 2.55%, while the 79378 zip code also has the lowest median tax rate of 2.55%. Understanding how these cities compare with Wellman provides valuable insights into the varying tax landscape across Terry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wellman Tax Rate
2.55%
Average Terry County Tax Rate
2.37%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wellman, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79378 | 1.06% | 1.86% | 2.55% | 3.40% | 3.40% |
Source: Ownwell
Property Tax Assessment Values Across Wellman, Texas
In Wellman, 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 Terry 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 Wellman, 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. For instance, the zip code 79378 has the highest median tax bill at $469, while the same zip code also records the lowest median tax bill at $469. 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 Wellman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wellman Assessed Value
$24,743
Average Terry County Assessed Value
$43,944
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wellman, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79378 | $2,432 | $5,800 | $24,743 | $76,452 | $123,087 |
Source: Ownwell
Property Tax Bills Across Wellman, Texas
In Wellman, located in Terry County, TX, property tax bills are determined based on the assessed value of a home. The assessed value is typically a percentage of the property's market value, which is calculated by the county's appraisal district. Factors such as the home's location, size, and condition, as well as recent sales of comparable properties, play a significant role in determining its assessed value. Homeowners in Wellman face a range of property tax bills. For instance, the 25th percentile tax bill is $142, while those in the 75th percentile pay around $1,565. The 90th percentile tax bill can go as high as $3,213. These figures show that property taxes can vary widely depending on the property's assessed value and the applicable tax rate. Compared to the national median property tax rate of 0.99%, Wellman's property tax rates can be either more manageable or significantly higher, affecting homeowners differently based on their property's value. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Wellman Tax Bill
$469
Average Terry County Tax Bill
$844
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Wellman, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79378 | $58 | $142 | $469 | $1,565 | $3,213 |
Source: Ownwell