Elbert, Texas Property Taxes
The median property tax rate in Elbert, TX is 1.99%, significantly higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Elbert at $75,830, the typical annual property tax bill reaches $1,429, exceeding the national median of $2,690. Property taxes in Elbert 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 Elbert'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 Elbert 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
Elbert, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.99%
Estimate Property Tax Bill
$1,509
$1,396
Ownwell’s ELBERT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ELBERT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ELBERT 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 Elbert, Texas
Property taxes in Elbert, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elbert is 1.99%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Elbert set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elbert 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 Elbert's effective property tax rate to other counties in Texas and the national median. For comparison, the 76372 zip code has the highest median property tax rate of 1.99%, while the same 76372 zip code also has the lowest median tax rate of 1.99%. Understanding how these cities compare with Elbert provides valuable insights into the varying tax landscape across Throckmorton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elbert Tax Rate
1.99%
Average Throckmorton County Tax Rate
2.65%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elbert, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76372 | 1.79% | 1.88% | 1.99% | 2.01% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Elbert, Texas
In Elbert, 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 Throckmorton 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 Elbert, 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 Elbert helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 76372, amounting to $1,429, which is significantly above the national median property tax rate of 0.99%.
Average Elbert Assessed Value
$75,830
Average Throckmorton County Assessed Value
$42,190
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elbert, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76372 | $34,588 | $47,130 | $75,830 | $106,790 | $134,614 |
Source: Ownwell
Property Tax Bills Across Elbert, Texas
In Elbert, located in Throckmorton County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Elbert stands at $75,830. To determine the tax bill, the assessed value of the property is multiplied by the local tax rate. Homeowners in Elbert face a range of property tax bills, with the 25th percentile at $915 and the 75th percentile reaching $2,150. The 90th percentile tax bill can go up to $2,452. Several factors influence these tax bills, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Elbert's tax rates can significantly impact homeowners' annual expenses. Understanding these factors is crucial for homeowners to budget effectively and potentially explore avenues for appealing high assessments or seeking exemptions. The highest and lowest median tax bills in the area are both recorded at $1,429, indicating a relatively stable tax environment within the specified zip code, 76372.
Average Elbert Tax Bill
$1,429
Average Throckmorton County Tax Bill
$1,022
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Elbert, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76372 | $702 | $915 | $1,429 | $2,150 | $2,452 |
Source: Ownwell