Newcastle, Texas Property Taxes
The median property tax rate in Newcastle, TX is 0.87%, which is notably lower than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $35,970, the typical annual property tax bill in Newcastle is $386, significantly less than the national median of $2,690. Property taxes in Newcastle are determined based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural use. By understanding Newcastle's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether residing in the heart of Newcastle or elsewhere in the city, gaining insight into the local property tax structure is essential for maximizing financial benefits.
Last Updated June 14, 2024
Newcastle, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$313
$290
Ownwell’s Newcastle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newcastle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newcastle 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 Newcastle, Texas
Property taxes in Newcastle, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newcastle is 0.87%, lower than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Newcastle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newcastle 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 Newcastle'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 0.87%, while the 76372 zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Newcastle 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 Newcastle Tax Rate
0.87%
Average Throckmorton County Tax Rate
2.65%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newcastle, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76372 | 0.76% | 0.80% | 0.87% | 1.52% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Newcastle, Texas
In Newcastle, 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 Newcastle, 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. Newcastle's median home price is $35,970, with tax bills ranging significantly. The 25th percentile tax bill is $350, while the 75th percentile tax bill is $2,898, and the 90th percentile tax bill reaches $4,405. Interestingly, the highest and lowest median tax bills, both at $386, are found in the 76372 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Newcastle Assessed Value
$35,970
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 Newcastle, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76372 | $21,402 | $26,865 | $35,970 | $386,665 | $597,082 |
Source: Ownwell
Property Tax Bills Across Newcastle, Texas
Property tax bills in Newcastle, TX, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and then applies an assessment ratio. In Throckmorton County, the median home price is $35,970, which serves as a basis for determining tax liabilities. The tax bill is influenced by various factors, including the property's assessed value and the specific tax rate set by local authorities. Homeowners in Newcastle can expect their property tax bills to range significantly. For example, the 25th percentile tax bill is around $350, while the 75th percentile reaches $2,898, and the 90th percentile can go up to $4,405. These property taxes can have a notable impact on homeowners, affecting their annual expenses and potentially influencing their decisions about homeownership. Compared to the national median property tax rate of 0.99%, Newcastle's property taxes reflect the local economic conditions and funding needs for public services like schools and infrastructure.
Average Newcastle Tax Bill
$386
Average Throckmorton County Tax Bill
$1,022
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Newcastle, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76372 | $329 | $350 | $386 | $2,898 | $4,405 |
Source: Ownwell