Mclean, Texas Property Taxes
The median property tax rate in McLean, TX is 1.33%, which is higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $215,200 in McLean, the typical annual property tax bill amounts to $1,265, which is below the national median of $2,690. Property taxes in McLean are determined based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural land. Gaining a thorough understanding of McLean's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of McLean or another part of the city, comprehending the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Mclean, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
Ownwell’s McLean Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in McLean with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in McLean 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 Mclean, Texas
Property taxes in McLean, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McLean is 1.33%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within McLean set these rates annually, and they can vary significantly across different neighborhoods. Each year, McLean 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 McLean's effective property tax rate to other counties in Texas and the national median. For comparison, the 79057 zip code has the highest median property tax rate of 1.33%, while the 79057 zip code also has the lowest median tax rate of 1.33%. Understanding how these cities compare with McLean provides valuable insights into the varying tax landscape across Collingsworth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mclean Tax Rate
1.33%
Average Collingsworth County Tax Rate
2.30%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mclean, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79057 | 0.42% | 0.76% | 1.33% | 1.71% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Mclean, Texas
In McLean, 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 Collingsworth 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 McLean, 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. The median home price in McLean is $215,200, with tax bills ranging from $896 at the 25th percentile to $2,537 at the 90th percentile. The zip code with the highest and lowest median tax bill is 79057, both at $1,265. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mclean Assessed Value
$215,200
Average Collingsworth County Assessed Value
$38,340
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mclean, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79057 | $63,288 | $120,255 | $215,200 | $442,830 | $579,408 |
Source: Ownwell
Property Tax Bills Across Mclean, Texas
In McLean, located in Collingsworth County, TX, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county appraisal district and reflects the market value of the property. The local tax rate is applied to this assessed value to calculate the annual property tax bill. For instance, with a median home price of $215,200, homeowners in McLean can expect their tax bills to vary significantly. The 25th percentile tax bill is around $896, while those in the 75th percentile face bills of approximately $2,060. At the 90th percentile, homeowners might see tax bills as high as $2,537. These figures illustrate how property taxes can vary widely based on the assessed value and tax rate. Compared to the national median property tax rate of 0.99%, McLean’s rates can be considered within a reasonable range, depending on the specific assessment and local rates. This variability impacts homeowners by influencing their annual financial obligations toward property taxes.
Average Mclean Tax Bill
$1,265
Average Collingsworth County Tax Bill
$810
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Mclean, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79057 | $675 | $896 | $1,265 | $2,060 | $2,537 |
Source: Ownwell