Bonus, Texas Property Taxes
The median property tax rate in BONUS, TX is 0.28%, significantly lower than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in BONUS at $419,768, the typical annual property tax bill amounts to $1,178, well below the national median of $2,690. Property taxes in BONUS 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 BONUS'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 BONUS 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
Bonus, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.28%
Estimate Property Tax Bill
$1,175
$1,087
Ownwell’s BONUS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BONUS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BONUS 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 Wharton County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bonus, Texas
Property taxes in BONUS, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in BONUS is 0.28%, which is lower than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within BONUS set these rates annually, and they can vary significantly across different neighborhoods. Each year, BONUS 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 BONUS's effective property tax rate to other counties in Texas and the national median. For comparison, the highest median property tax rate in Texas is 2.18%, while the lowest median tax rate is 0.28%. Understanding how these cities compare with BONUS provides valuable insights into the varying tax landscape across Wharton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bonus Tax Rate
0.28%
Average Wharton County Tax Rate
1.63%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bonus, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Bonus, Texas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in BONUS, TX. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Wharton 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 BONUS, 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, in BONUS, the median home price is $419,768, with tax bills at the 25th, 75th, and 90th percentiles all being $1,178. 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 BONUS helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bonus Assessed Value
$419,768
Average Wharton County Assessed Value
$120,245
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bonus, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Bonus, Texas
In BONUS, located in Wharton County, TX, property tax bills are calculated based on the assessed value of the property, which is determined by the local appraisal district. Homeowners in BONUS can expect their property tax rate to be influenced by various factors, including the market value of their home, local tax rates, and any applicable exemptions. With a median home price of $419,768, the tax bill for homeowners typically falls within the 25th, 75th, and 90th percentiles, each at $1,178. This rate is notably lower compared to the national median property tax rate of 0.99%. The relatively low tax burden can be beneficial for homeowners, potentially making BONUS an attractive place for property investment. However, it’s important for homeowners to stay informed about their property’s assessed value and any changes in local tax policies, as these can directly impact their annual tax bill. Understanding these factors can help homeowners better manage their finances and plan for future expenses.
Average Bonus Tax Bill
$1,178
Average Wharton County Tax Bill
$1,730
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Bonus, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
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 | |
|---|---|
| Wharton Appraisal District | |
| Website | esearch.whartoncad.net |