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Dripping Springs, Texas Property Taxes

The median property tax rate in Dripping Springs, TX is 0.87%, which is lower than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Dripping Springs at $559,927, the typical annual property tax bill reaches $5,166, significantly higher than the national median of $2,690. Property taxes in Dripping Springs are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Dripping Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Dripping Springs or another part of Travis County, understanding the local property tax system will benefit both homeowners and real estate investors.

Last Updated June 14, 2024

Dripping Springs, Texas Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Average Tax Rate

0.87%

Estimate Property Tax Bill

$4,871

$4,507

SAVE WITH OWNWELL

$1,148

Average Dripping Springs, Texas Tax Savings

Ownwell’s Dripping Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dripping Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dripping Springs to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Dripping Springs. 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 Dripping Springs, Texas

Property taxes in Dripping Springs, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dripping Springs is 1.81%, higher than both the Texas state median of 1.80% and the U.S. national median of 0.99%. Local government entities within Dripping Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dripping Springs 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 Dripping Springs' effective property tax rate to other counties in Texas and the national median. For comparison, the 78620 zip code has the highest median property tax rate of 1.81%, while the same 78620 zip code has the lowest median tax rate of 1.81%. Understanding how these cities compare with Dripping Springs provides valuable insights into the varying tax landscape across Hays County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.

Property Tax Rates Across Dripping Springs, Texas

Source: Ownwell

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0.31%

1.31%

2.31%

Average Dripping Springs Tax Rate

0.87%

Average Travis County Tax Rate

1.31%

Average Texas Tax Rate

1.67%

Average United States Tax Rate

0.99%

Property Tax Rates Across Dripping Springs, Texas

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
786200.39%0.69%0.87%1.18%1.71%

Source: Ownwell

Property Tax Assessment Values Across Dripping Springs, Texas

In Dripping Springs, 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 Travis 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 Dripping Springs, 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 Dripping Springs is $559,927. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The highest and lowest median tax bills in Dripping Springs are both $5,166, found in the 78620 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.

Property Tax Assessment Values Across Dripping Springs, Texas

Source: Ownwell

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$2,985

$1,575,854

$3,148,722

Average Dripping Springs Assessed Value

$559,927

Average Travis County Assessed Value

$537,591

Average Texas Assessed Value

$247,950

Average United States Assessed Value

$244,900

Property Tax Assessment Values Across Dripping Springs, Texas

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
78620$171,147$442,322$559,927$733,630$1,127,738

Source: Ownwell

Property Tax Bills Across Dripping Springs, Texas

In Dripping Springs, Travis County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county appraisal district, reflecting the market value of the property. For example, with a median home price of $559,927, homeowners can face significant tax bills. The tax rate in Dripping Springs typically results in a median tax bill of $5,166, with bills ranging from $3,411 at the 25th percentile to $10,346 at the 90th percentile. Factors such as property size, location, and market conditions play a crucial role in determining the assessed value, and thus the tax bill. High property taxes can be a burden for homeowners, affecting their financial stability. Ownwell helps homeowners in Dripping Springs save on their property tax bills by providing expert property tax appeal and exemption services. By challenging over-assessments and securing applicable exemptions, Ownwell ensures that homeowners pay only their fair share, potentially saving them thousands of dollars annually.

Property Tax Bills Across Dripping Springs, Texas

Source: Ownwell

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$48

$13,797

$27,546

Average Dripping Springs Tax Bill

$5,166

Average Travis County Tax Bill

$7,669

Average Texas Tax Bill

$3,971

Average United States Tax Bill

$2,690

Property Tax Bills Across Dripping Springs, Texas

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
78620$1,348$3,411$5,166$7,858$10,346

Source: Ownwell

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