Iola, Texas Property Taxes
The median property tax rate in Iola, TX is 1.49%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Iola, the typical annual property tax bill reaches $1,984, which is below the national median of $2,690. Property taxes in Iola are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Iola'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 Iola or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Iola, 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 Iola Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Iola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Iola to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, further localized information is available below. Your property’s assessed value is determined by Grimes County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Iola, Texas
Property taxes in Iola, Texas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iola is 1.49%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Iola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Iola 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 Iola's effective property tax rate to other counties in Texas and the national median. For comparison, the 77861 zip code has the highest median property tax rate of 1.49%, while the same zip code also has the lowest median tax rate of 1.49%. Understanding how these cities compare with Iola provides valuable insights into the varying tax landscape across Grimes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Iola Tax Rate
1.49%
Average Grimes County Tax Rate
1.58%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iola, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77861 | 1.31% | 1.39% | 1.49% | 1.68% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Iola, Texas
In Iola, 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 Grimes 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 Iola, 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. For instance, the highest median tax bill in the region is $1,984 in the 77861 zip code, while the lowest median tax bill is also $1,984 in the same 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 Iola Assessed Value
$116,200
Average Grimes County Assessed Value
$49,760
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Iola, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77861 | $20,740 | $53,420 | $116,200 | $292,440 | $544,518 |
Source: Ownwell
Property Tax Bills Across Iola, Texas
In Iola, Grimes 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 and reflects the market value of the property. Homeowners in Iola can expect a median property tax bill significantly influenced by these assessed values. For instance, with a median home price of $116,200, the tax bill can vary widely. Factors such as property location, improvements, and exemptions play a crucial role in determining the final tax bill. In Iola, the 25th percentile tax bill is $837, while the 75th percentile tax bill rises to $4,899, indicating a broad range of potential tax liabilities. The highest median tax bill in the area is $1,984, with some homeowners experiencing tax bills as high as $8,203 at the 90th percentile. These variations underline the importance of accurate property assessments and the impact of local tax rates on homeowners' financial responsibilities.
Average Iola Tax Bill
$1,984
Average Grimes County Tax Bill
$808
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Iola, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77861 | $299 | $837 | $1,984 | $4,899 | $8,203 |
Source: Ownwell
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | June 2 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Grimes Appraisal District | |
| Website | grimescad.org |