Water Valley, Texas Property Taxes
The median property tax rate in Water Valley, TX is 1.47%, notably higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With the median home value in Water Valley at $146,470, the typical annual property tax bill amounts to $1,955, which is below the national median of $2,690. Property taxes in Water Valley are calculated based on the assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Water Valley'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 Water Valley or another part of Tom Green County, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Water Valley, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$2,153
$1,998
Ownwell’s Water Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Water Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Water Valley 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 Water Valley, Texas
Property taxes in Water Valley, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Water Valley is 1.47%, higher than both the Texas state median of 1.80% and the U.S. national median of 0.99%. Local government entities within Water Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Water Valley 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 Water Valley's effective property tax rate to other counties in Texas and the national median. For comparison, the 76958 zip code has the highest median property tax rate of 1.47%, while the 76958 zip code has the lowest median tax rate of 1.47%. Understanding how these cities compare with Water Valley provides valuable insights into the varying tax landscape across Tom Green County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Water Valley Tax Rate
1.47%
Average Tom Green County Tax Rate
1.11%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Water Valley, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76958 | 0.16% | 0.40% | 1.47% | 1.70% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Water Valley, Texas
In Water Valley, 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 Tom Green 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. The median home price in Water Valley is $146,470, with tax bills ranging from $424 at the 25th percentile to $4,760 at the 90th percentile. The highest and lowest median tax bills are both $1,955, found in the 76958 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Water Valley Assessed Value
$146,470
Average Tom Green County Assessed Value
$186,425
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Water Valley, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76958 | $48,440 | $110,010 | $146,470 | $251,355 | $319,985 |
Source: Ownwell
Property Tax Bills Across Water Valley, Texas
In Water Valley, Tom Green County, TX, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county appraisal district and reflects the market value of the home. For instance, the median home price in Water Valley is $146,470. Homeowners then apply the local tax rate to this assessed value to determine their tax bill. Factors such as property size, location, and improvements can influence the assessed value. For example, properties in the 25th percentile see tax bills around $424, while those in the 75th percentile face bills up to $3,854. The highest tax bills, reaching the 90th percentile, can be as much as $4,760. These tax bills significantly impact homeowners, as they contribute to local services like schools and infrastructure. Compared to the national median property tax rate of 0.99%, Water Valley's tax bills reflect both the affordability and the financial responsibilities of owning property in this region.
Average Water Valley Tax Bill
$1,955
Average Tom Green County Tax Bill
$1,970
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Water Valley, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76958 | $267 | $424 | $1,955 | $3,854 | $4,760 |
Source: Ownwell
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 15 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Tom Green Appraisal District | |
| Website | iswdataclient.azurewebsites.net |