Munday, Texas Property Taxes
The median property tax rate in Munday, TX, is 3.60%, significantly higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Munday at $32,580, the typical annual property tax bill reaches $1,113, surpassing the national median of $2,690. Property taxes in Munday are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Munday'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 Munday or another part of Knox County, grasping the local property tax framework will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Munday, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.6%
Estimate Property Tax Bill
$1,173
$1,085
Ownwell’s Munday Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Munday with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Munday 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 Munday, Texas
Property taxes in Munday, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Munday is 3.60%, significantly higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Munday set these rates annually, and they can vary significantly across different neighborhoods. Each year, Munday 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 Munday's effective property tax rate to other counties in Texas and the national median. For comparison, the 76371 zip code has the highest median property tax rate of 3.60%, while the same zip code also has the lowest median tax rate of 3.60%. Understanding how these cities compare with Munday provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Munday Tax Rate
3.60%
Average Knox County Tax Rate
2.74%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Munday, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76371 | 2.31% | 3.60% | 3.60% | 3.60% | 3.60% |
Source: Ownwell
Property Tax Assessment Values Across Munday, Texas
In Munday, 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 Knox 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 Munday, 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 median tax bill in Munday is $1,113 in the 76371 zip code, while the lowest median tax bill also stands at $1,113 in the same zip code. Being aware of these valuation processes in Munday helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Munday Assessed Value
$32,580
Average Knox County Assessed Value
$31,450
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Munday, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76371 | $4,368 | $18,235 | $32,580 | $63,145 | $90,592 |
Source: Ownwell
Property Tax Bills Across Munday, Texas
In Munday, Knox County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. For homeowners in Munday, the median home price is $32,580. The property tax rate in this region is notably higher than the national median property tax rate of 0.99%. Homeowners in Munday can expect tax bills that vary significantly. For instance, the 25th percentile tax bill is around $632, while the 75th percentile tax bill rises to approximately $1,927. At the 90th percentile, the tax bill can reach up to $2,876. The highest median tax bill in the area is $1,113, which is consistent across different zip codes within Munday. These tax bills can impact homeowners by influencing their overall housing costs and affecting their financial planning. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Munday Tax Bill
$1,113
Average Knox County Tax Bill
$916
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Munday, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76371 | $157 | $632 | $1,113 | $1,927 | $2,876 |
Source: Ownwell