Newark, Texas Property Taxes
The median property tax rate in Newark, TX is 1.40%, which is considerably higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With the median home value in Newark at $293,106, the typical annual property tax bill reaches $3,543, exceeding the national median of $2,690. Property taxes in Newark are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Newark'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 Newark 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
Newark, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$4,103
$3,808
Ownwell’s Newark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newark 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 Wise County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Newark, Texas
Property taxes in Newark, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newark is 1.40%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Newark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newark 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 Newark's effective property tax rate to other counties in Texas and the national median. For comparison, the 76071 zip code has the highest median property tax rate of 1.40%, while the 76071 zip code has the lowest median tax rate of 1.40%. Understanding how these cities compare with Newark provides valuable insights into the varying tax landscape across Wise County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newark Tax Rate
1.40%
Average Wise County Tax Rate
1.21%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newark, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76071 | 0.93% | 1.20% | 1.40% | 1.40% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Newark, Texas
In Newark, 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 Wise 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 Newark, 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, the median home price in Newark is $293,106. The tax bill for the 25th percentile is $1,554, while the 75th percentile is $4,536, and the 90th percentile reaches $6,177. The zip code 76071 has the highest and lowest median tax bill, both at $3,543. By understanding 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 Newark helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Newark Assessed Value
$293,106
Average Wise County Assessed Value
$280,537
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newark, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76071 | $55,030 | $123,738 | $293,106 | $350,594 | $451,939 |
Source: Ownwell
Property Tax Bills Across Newark, Texas
In Newark, Wise County, TX, property tax bills are calculated based on the assessed value of your home, which is determined by the county's appraisal district. The assessed value is then multiplied by the local tax rate to determine your annual property tax bill. With a median home price of $293,106, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rates applied. Factors influencing the tax bill include property location, local tax rates, and any applicable exemptions. For instance, the 25th percentile tax bill is $1,554, while the 75th percentile reaches $4,536. At the 90th percentile, homeowners might see tax bills as high as $6,177. These figures highlight the range of property tax burdens within the area. Comparatively, the national median property tax rate is 0.99%, which can help homeowners understand how their local rates stack up. High property taxes can significantly impact homeowners' finances, making it crucial to understand how these bills are calculated and what factors contribute to the final amount.
Average Newark Tax Bill
$3,543
Average Wise County Tax Bill
$3,273
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Newark, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76071 | $620 | $1,554 | $3,543 | $4,536 | $6,177 |
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 | |
|---|---|
| Wise Appraisal District | |
| Website | esearch.wise-cad.com |