Hico, Texas Property Taxes
The median property tax rate in Hico, TX is 1.18%, which is higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With the median home value in Hico at $368,150, the typical annual property tax bill reaches $3,576, surpassing the national median of $2,690. Property taxes in Hico are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hico'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 Hico or another part of Erath County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hico, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$4,344
$4,019
Ownwell’s Hico Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hico with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hico 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 Hico, Texas
Property taxes in Hico, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hico is 1.18%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Hico set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hico 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 Hico's effective property tax rate to other counties in Texas and the national median. For comparison, the 76457 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Hico provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hico Tax Rate
1.18%
Average Erath County Tax Rate
1.38%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hico, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76457 | 0.67% | 0.98% | 1.18% | 1.31% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Hico, Texas
In Hico, 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 Erath 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 Hico, 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 Hico is $368,150, with tax bills ranging from $1,417 at the 25th percentile to $11,629 at the 90th percentile. The zip code 76457 has the highest and lowest median tax bill at $3,576. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Hico Assessed Value
$368,150
Average Erath County Assessed Value
$216,370
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hico, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76457 | $60,271 | $177,740 | $368,150 | $671,952 | $1,039,846 |
Source: Ownwell
Property Tax Bills Across Hico, Texas
In Hico, located in Erath County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county appraisal district, which evaluates the property's market value. Homeowners in Hico face a median property tax rate that aligns closely with the national median of 0.99%. For a median home price of $368,150, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $1,417, while those at the 75th percentile could see bills as high as $6,727. The 90th percentile tax bill can reach up to $11,629, reflecting the variability in property values and tax rates within the city. These property taxes fund essential public services such as schools, emergency services, and infrastructure. For homeowners, understanding these factors is crucial as they directly influence the annual financial commitment required to maintain their property.
Average Hico Tax Bill
$3,576
Average Erath County Tax Bill
$3,131
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Hico, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76457 | $678 | $1,417 | $3,576 | $6,727 | $11,629 |
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 | |
|---|---|
| Erath Appraisal District | |
| Website | esearch.erath-cad.com |