Rankin, Texas Property Taxes
The median property tax rate in Rankin, TX is 1.61%, considerably higher than the national median of 0.99% but slightly below the Texas state median of 1.67%. With the median home value in Rankin at $41,559, the typical annual property tax bill reaches $410, significantly lower than the national median of $2,690. Property taxes in Rankin are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Rankin'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 Rankin 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
Rankin, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$669
$619
Ownwell’s Rankin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rankin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rankin 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 Rankin, Texas
Property taxes in Rankin, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rankin is 1.61%, significantly higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Rankin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rankin 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 Rankin's effective property tax rate to other counties in Texas and the national median. For comparison, the 79778 zip code has the highest median property tax rate of 1.61%, while the same zip code also has the lowest median tax rate of 1.61%. Understanding how these cities compare with Rankin provides valuable insights into the varying tax landscape across Upton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rankin Tax Rate
1.61%
Average Upton County Tax Rate
1.73%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rankin, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79778 | 0.23% | 0.81% | 1.61% | 1.90% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Rankin, Texas
In Rankin, 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 Upton 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 Rankin, 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. For instance, the median home price in Rankin is $41,559, with tax bills ranging from $115 at the 25th percentile to $1,648 at the 90th percentile. The zip code 79778 has the highest and lowest median tax bill at $410. 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 Rankin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rankin Assessed Value
$41,559
Average Upton County Assessed Value
$35,464
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rankin, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79778 | $2,925 | $15,642 | $41,559 | $77,717 | $114,205 |
Source: Ownwell
Property Tax Bills Across Rankin, Texas
In Rankin, 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 tax rate to calculate the annual tax bill. For homeowners in Rankin, the median home price is $41,559, and the property tax rate is aligned with the county's regulations. Several factors influence the final tax bill, including the property's assessed value, applicable exemptions, and the specific tax rate set by local authorities. In Rankin, the 25th percentile tax bill is $115, while the 75th percentile tax bill stands at $984. Homeowners at the 90th percentile pay as much as $1,648 annually. Compared to the national median property tax rate of 0.99%, Rankin's tax bills can vary significantly, reflecting the local economic conditions and property values. This variability can impact homeowners differently, with some benefiting from lower tax bills while others may face higher financial obligations depending on their property's assessed value and location within the city.
Average Rankin Tax Bill
$410
Average Upton County Tax Bill
$442
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Rankin, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79778 | $41 | $115 | $410 | $984 | $1,648 |
Source: Ownwell