Runaway Bay, Texas Property Taxes
The median property tax rate in Runaway Bay, TX is 1.64%, which is notably higher than the national median of 0.99% but slightly below the Texas state median of 1.67%. With a median home value of $272,168 in Runaway Bay, the typical annual property tax bill amounts to $4,270, surpassing the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Runaway Bay'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 Runaway Bay or another part of Wise County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Runaway Bay, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.64%
Estimate Property Tax Bill
$4,464
$4,142
Ownwell’s Runaway Bay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Runaway Bay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Runaway Bay 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 Runaway Bay, Texas
Property taxes in Runaway Bay, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Runaway Bay is 1.64%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Runaway Bay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Runaway Bay 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 Runaway Bay's effective property tax rate to other counties in Texas and the national median. For comparison, the 76426 zip code has the highest median property tax rate of 1.64%, while the same zip code has the lowest median tax rate of 1.64%. Understanding how these cities compare with Runaway Bay 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 Runaway Bay Tax Rate
1.64%
Average Wise County Tax Rate
1.21%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Runaway Bay, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76426 | 1.14% | 1.43% | 1.64% | 1.82% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Runaway Bay, Texas
In Runaway Bay, 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 Runaway Bay, 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. Being aware of these valuation processes in Runaway Bay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $4,270 in the 76426 zip code, while the lowest is also $4,270 in the same zip code, indicating a uniform tax rate across the region.
Average Runaway Bay Assessed Value
$272,168
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 Runaway Bay, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76426 | $36,398 | $146,917 | $272,168 | $351,561 | $480,862 |
Source: Ownwell
Property Tax Bills Across Runaway Bay, Texas
In Runaway Bay, Wise County, TX, property tax bills are calculated based on the assessed value of your home, which is determined by the county appraisal district. This assessed value is then multiplied by the local tax rate to determine your tax bill. The median home price in Runaway Bay is $272,168, and property tax bills can vary significantly. For example, the 25th percentile tax bill is around $2,395, while the 75th percentile reaches $5,818, and the 90th percentile can go as high as $7,962. Several factors influence your tax bill, including the market value of your property, any applicable exemptions, and the specific tax rates set by local taxing authorities. These rates can fluctuate annually based on budgetary needs and voter-approved measures. Homeowners in Runaway Bay may find their tax bills higher or lower than the national median property tax rate of 0.99%, affecting their overall cost of homeownership and financial planning.
Average Runaway Bay Tax Bill
$4,270
Average Wise County Tax Bill
$3,273
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Runaway Bay, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76426 | $505 | $2,395 | $4,270 | $5,818 | $7,962 |
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 |