Mt Vernon, Texas Property Taxes
The median property tax rate in MT VERNON, TX is 1.44%, 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 $48,175 in MT VERNON, the typical annual property tax bill reaches $483, which is significantly below the national median of $2,690. Property taxes in MT VERNON are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding MT VERNON'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 MT VERNON or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mt Vernon, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$694
$642
Ownwell’s MT VERNON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MT VERNON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MT VERNON 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 Mt Vernon, Texas
Property taxes in MT VERNON, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MT VERNON is 1.44%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within MT VERNON set these rates annually, and they can vary significantly across different neighborhoods. Each year, MT VERNON 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 MT VERNON's effective property tax rate to other counties in Texas and the national median. For comparison, the 75457 zip code has the highest median property tax rate of 1.44%, while the 75457 zip code has the lowest median tax rate of 1.44%. Understanding how these cities compare with MT VERNON provides valuable insights into the varying tax landscape across Franklin, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mt Vernon Tax Rate
1.44%
Average Franklin County Tax Rate
1.44%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mt Vernon, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75457 | 0.34% | 0.52% | 1.44% | 1.44% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Mt Vernon, Texas
In MT VERNON, 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 Franklin 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 MT VERNON, 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 highest and lowest median tax bills in MT VERNON are both $483.00 in the 75457 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mt Vernon Assessed Value
$48,175
Average Franklin County Assessed Value
$201,820
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mt Vernon, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75457 | $12,908 | $29,958 | $48,175 | $85,272 | $153,561 |
Source: Ownwell
Property Tax Bills Across Mt Vernon, Texas
In MT VERNON, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the Franklin County Appraisal District. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $48,175, the tax bill varies significantly across different percentiles. Homeowners in the 25th percentile pay around $305, while those in the 75th percentile pay approximately $859, and the 90th percentile sees tax bills as high as $907. Factors influencing these tax bills include the home's market value, any applicable exemptions, and the local tax rate. This variability can have a notable impact on homeowners, affecting their annual budgeting and financial planning. Compared to the national median property tax rate of 0.99%, MT VERNON's tax rates can be seen as relatively moderate, but they still represent a significant expense for property owners in the area.
Average Mt Vernon Tax Bill
$483
Average Franklin County Tax Bill
$2,446
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Mt Vernon, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75457 | $48 | $305 | $483 | $859 | $907 |
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 | |
|---|---|
| Franklin Appraisal District | |
| Website | esearch.franklin-cad.org |