Magnolia, Texas Property Taxes
The median property tax rate in Magnolia, TX is 1.62%, which is significantly higher than the national median of 0.99% but slightly below the Texas state median of 1.67%. With the median home value in Magnolia at $240,185, the typical annual property tax bill reaches $3,530, well above the national median of $2,690. Property taxes in Magnolia are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Magnolia'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 Magnolia 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
Magnolia, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
$2,192
$1,148
Average Magnolia, Texas Tax Savings
Ownwell’s Magnolia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magnolia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magnolia to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Magnolia. 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 Magnolia, Texas
Property taxes in Magnolia, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Magnolia is 1.62%, higher than both the Texas state median of 1.68% and the U.S. national median of 0.99%. Local government entities within Magnolia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magnolia 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 Magnolia's effective property tax rate to other counties in Texas and the national median. For comparison, the 77354 zip code has the highest median property tax rate of 1.72%, while 77355 has the lowest median tax rate of 1.62%. Understanding how these cities compare with Magnolia provides valuable insights into the varying tax landscape across Waller County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magnolia Tax Rate
1.62%
Average Waller County Tax Rate
1.72%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magnolia, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77354 | 1.72% | 1.72% | 1.72% | 1.72% | 1.72% |
| 77355 | 1.02% | 1.33% | 1.62% | 1.72% | 1.72% |
Source: Ownwell
$1,148
Average Magnolia Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Magnolia, Texas
In Magnolia, 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 Waller 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 Magnolia, 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. Magnolia's property tax bills vary significantly, with the highest median tax bill in zip code 77354 at $4,879 and the lowest in zip code 77355 at $3,525. 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 Magnolia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Magnolia Assessed Value
$240,185
Average Waller County Assessed Value
$273,670
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Magnolia, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77354 | $283,940 | $283,940 | $283,940 | $283,940 | $283,940 |
| 77355 | $83,508 | $161,860 | $240,000 | $308,015 | $367,160 |
Source: Ownwell
$1,148
Average Magnolia Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Magnolia, Texas
In Magnolia, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local appraisal district. This value is then multiplied by the local tax rate. For instance, in Waller County, the median home price is $240,185. Homeowners in Magnolia can expect tax bills to range significantly, from the 25th percentile at $2,044 to the 90th percentile reaching up to $6,000. The highest median tax bill in the area is $4,879, particularly in the 77354 zip code, while the lowest is $3,525 in the 77355 zip code. These tax bills can be a substantial financial burden for homeowners. Ownwell offers expert property tax appeal and exemption services to help reduce these costs. By thoroughly reviewing your property's assessed value and identifying potential errors or overestimations, Ownwell can effectively lower your tax bill, ensuring you only pay your fair share. This service can result in significant savings, providing much-needed financial relief to homeowners.
Average Magnolia Tax Bill
$3,530
Average Waller County Tax Bill
$4,531
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Magnolia, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77354 | $4,879 | $4,879 | $4,879 | $4,879 | $4,879 |
| 77355 | $1,217 | $2,041 | $3,525 | $4,924 | $6,003 |
Source: Ownwell
$1,148
Average Magnolia Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 31 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Waller Appraisal District | |
| Website | esearch.waller-cad.org |
Save money on your property taxes with Ownwell.
Enter your address.
With just your address Ownwell will analyze your property expenses to find you savings using real time market data, local expertise and AI.
Answer some questions.
The more we know about your property, the more we can save you. There's no up-front costs, it's risk-free to sign up. Only pay if you save!
Unlock your savings.
We gather evidence, file all documentation, and attend hearings on your behalf year after year, so you never overpay again.