Hermleigh, Texas Property Taxes
The median property tax rate in Hermleigh, TX is 0.99%, aligning with the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $250,499 in Hermleigh, the typical annual property tax bill reaches $2,489, slightly below the national median of $2,690. Property taxes in Hermleigh are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Hermleigh'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 Hermleigh 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
Hermleigh, 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 Hermleigh Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hermleigh with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hermleigh 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 Hermleigh, Texas
Property taxes in Hermleigh, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hermleigh is 1.21%, higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Hermleigh set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hermleigh 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 Hermleigh's effective property tax rate to other counties in Texas and the national median. For comparison, the zip code 79526 has the highest median property tax rate of 1.21%, while the same zip code, 79526, has the lowest median tax rate of 1.21%. Understanding how these cities compare with Hermleigh provides valuable insights into the varying tax landscape across Mitchell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hermleigh Tax Rate
0.99%
Average Mitchell County Tax Rate
1.88%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hermleigh, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79526 | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Hermleigh, Texas
In Hermleigh, 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 Mitchell 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 Hermleigh, 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. The median home price in Hermleigh is $250,499, with the highest median tax bill of $2,489 in the 79526 zip code, which is also the lowest median tax bill in the area. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Hermleigh helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hermleigh Assessed Value
$250,499
Average Mitchell County Assessed Value
$57,050
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hermleigh, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79526 | $250,499 | $250,499 | $250,499 | $250,499 | $250,499 |
Source: Ownwell
Property Tax Bills Across Hermleigh, Texas
In Hermleigh, located in Mitchell County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, Hermleigh homeowners face a median property tax rate that, when applied to the median home price of $250,499, results in a typical tax bill of approximately $2,489. This figure is consistent across various percentiles, indicating a stable tax rate in the area. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the home. These property taxes fund local services such as schools, public safety, and infrastructure, directly impacting the quality of life in Hermleigh. Compared to the national median property tax rate of 0.99%, Hermleigh's tax rate provides a clear picture of the local tax burden, helping homeowners understand their financial responsibilities and the benefits they receive in return.
Average Hermleigh Tax Bill
$2,489
Average Mitchell County Tax Bill
$1,077
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Hermleigh, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79526 | $2,489 | $2,489 | $2,489 | $2,489 | $2,489 |
Source: Ownwell