Turkey, Texas Property Taxes
The median property tax rate in Turkey, TX is 0.52%, considerably lower than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Turkey at $24,920, the typical annual property tax bill is $130, significantly below the national median of $2,690. Property taxes in Turkey 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 Turkey'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 Turkey 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
Turkey, 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 Turkey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Turkey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Turkey 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 Turkey, Texas
Property taxes in Turkey, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Turkey is 0.52%, lower than both the Texas state median of 1.80% and the U.S. national median of 0.99%. Local government entities within Turkey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Turkey 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 Turkey's effective property tax rate to other counties in Texas and the national median. For comparison, the 79261 zip code has the highest median property tax rate of 0.52%, while the 79261 zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Turkey provides valuable insights into the varying tax landscape across Motley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Turkey Tax Rate
0.52%
Average Motley County Tax Rate
1.72%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Turkey, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79261 | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Turkey, Texas
In Turkey, 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 Motley 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 Turkey, 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 example, the highest and lowest median tax bills in Turkey are both $130, found in the 79261 zip code. Being aware of these valuation processes in Turkey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Turkey Assessed Value
$24,920
Average Motley County Assessed Value
$28,970
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Turkey, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79261 | $24,920 | $24,920 | $24,920 | $24,920 | $24,920 |
Source: Ownwell
Property Tax Bills Across Turkey, Texas
In Turkey, located in Motley County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. For instance, with a median home price of $24,920, the tax bill is influenced by the county's tax rate and any applicable exemptions. In this region, the tax bills are remarkably consistent, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $130. Several factors contribute to the final tax bill, including the assessed value of the property and the specific tax rate set by local authorities. Homeowners in Turkey, TX, face a relatively low property tax burden compared to the national median property tax rate of 0.99%. This consistency in tax bills provides predictability for homeowners, making financial planning more manageable. Understanding how these factors interplay can help homeowners anticipate their annual property tax responsibilities and budget accordingly.
Average Turkey Tax Bill
$130
Average Motley County Tax Bill
$376
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Turkey, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79261 | $130 | $130 | $130 | $130 | $130 |
Source: Ownwell