Average Tax Assessment in Somervell County
Real Estate Values and Property Tax Valuation in Somervell County, Texas
Somervell County has a total of 3,400 properties with a cumulative value of $881.6M. This represents 0.04% of all real estate value in Texas. The average property tax rate in Somervell County is 0.87%, which is lower than the state average of 1.69%. A total of $7.7M was collected in property taxes across these 3,400 properties, with the average homeowner paying $2,700 in property taxes compared to the state average of $4,015. Property taxes are based on the assessed value of the property, which is typically lower than the market value.
The property tax timeline in Texas begins on January 1st, when the property valuation date is set. Property value notices are issued between April and May, and the property tax appeal deadline is May 15th or 30 days after the notices are issued. The real property tax bill is due on January 31st for the preceding year's gross tax bills.
Updated November 01, 2023
| Important Links | |
|---|---|
| Somervell Appraisal District | (254) 897-4094 |
| TexasFile Clerk Records | - |
| Important Dates | |
|---|---|
| Real Property Tax Bill Due (1st of #): | January 31st, Gross tax bills for preceding year |
| Property Valuation Date: | January 1st |
| Property Value Notices Issued: | April - May |
| Property Tax Appeal Deadline: | May 15th or 30 days after notices are issued |
| Property Tax Bills Issued: | October 1st |
| Available Exemptions | |
|---|---|
| Early Payment Discount | |
| Senior | Available |
| Disabled | Available |
| Homestead | Available |
| Veteran | Available |
| Solar/Wind | Available |
| Charitable | Available |
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Real Estate Statistics in Somervell County
Residential Property Taxes by Cities in Somervell County
Somervell County has an average property tax rate of 0.87%, which is lower than the state average of 1.19%. This makes Somervell County a great place to live for those looking to save on their property taxes. The average property tax bill in Somervell County is $2,700, which is lower than the state average of $3,400.
Property tax rates vary across the cities in Somervell County. The city with the highest effective property tax rate is Glen Rose, at 0.94%. This is slightly higher than the county average, but still lower than the state average. On the other hand, the city with the lowest effective property tax rate is also Glen Rose, at 0.94%. This is slightly lower than the county average, but still higher than the state average.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Somervell County. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Glen Rose | $36,803 | $93,970 | $196,735 | $327,678 | $469,436 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in Somervell County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Glen Rose | $525 | $1,212 | $2,395 | $3,768 | $5,326 |
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Glen Rose | 1.43% | 1.29% | 1.22% | 1.15% | 1.13% |
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Real Estate Values in Somervell County
The data from Redfin shows that the median home price in Somervell County, Texas has decreased by 21.03% from October 2022 to October 2023. This suggests that the housing market in Somervell County is cooling off, as the median home price has decreased significantly in a year. Additionally, the home inventory in Somervell County has increased by 33% from October 2022 to October 2023, indicating that there is an increase in the number of homes available for sale in the area. This could be a sign that the housing market in Somervell County is becoming more competitive, as buyers have more options to choose from.
Average Home Value in Somervell County, Texas
Last updated: November 2023
Percent Change in Total Home Sales in Somervell County
Last updated: November 2023
Percent Change in New Home Listings in Somervell County
Last updated: November 2023
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Mortgage Rates in Somervell County
Mortgages in Somervell County are a major part of the local economy, with a total of $173.0M in outstanding loans across the county. This represents a significant portion of the total home value in the county, with 958 outstanding loans. The median mortgage rate in Somervell County varies across cities, with Glen Rose having the highest median mortgage rate of 3.97%. This rate is slightly higher than the average mortgage rate in the county, which is 3.75%. This variation in rates across cities allows homeowners to find the best deal for their situation.
Overall, mortgages in Somervell County are a major part of the local economy, with a total of $173.0M in outstanding loans. This represents a significant portion of the total home value in the county, with 958 outstanding loans. The median mortgage rate in Somervell County varies across cities, with Glen Rose having the highest median mortgage rate of 3.97%. This rate is slightly higher than the average mortgage rate in the county, which is 3.75%. This variation in rates across cities allows homeowners to find the best deal for their situation, ensuring that they can get the most out of their mortgage.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Somervell County by city.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Glen Rose | $41,928 | $76,501 | $148,679 | $235,625 | $318,603 |
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Somervell County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Glen Rose | 2.90% | 3.50% | 3.97% | 4.50% | 6.08% |
Housing Expenses in Somervell County, Texas
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