Morgan, Texas Property Taxes
The median property tax rate in Morgan, TX is 1.20%, which is noticeably higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $139,110 in Morgan, the typical annual property tax bill amounts to $1,425, which is below the national median of $2,690. Property taxes in Morgan are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Morgan'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 Morgan or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morgan, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$1,669
$1,545
Ownwell’s MORGAN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MORGAN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MORGAN 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 Morgan, Texas
Property taxes in Morgan, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morgan is 1.20%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Morgan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morgan 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 Morgan's effective property tax rate to other counties in Texas and the national median. For comparison, the 76671 zip code has the highest median property tax rate of 1.20%, while the same zip code also has the lowest median tax rate of 1.20%. Understanding how these cities compare with Morgan provides valuable insights into the varying tax landscape across Bosque County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morgan Tax Rate
1.20%
Average Bosque County Tax Rate
1.22%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morgan, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76671 | 0.60% | 0.84% | 1.20% | 1.20% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Morgan, Texas
In Morgan, 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 Bosque 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 Morgan, 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 zip code 76671 in Morgan has both the highest and lowest median tax bills at $1,425. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Morgan Assessed Value
$139,110
Average Bosque County Assessed Value
$159,096
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morgan, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76671 | $26,119 | $65,615 | $139,110 | $243,460 | $356,507 |
Source: Ownwell
Property Tax Bills Across Morgan, Texas
In Morgan, located in Bosque County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Morgan is $139,110. Property taxes are determined by multiplying the assessed value by the local tax rate, which varies by jurisdiction. For instance, a homeowner in the 25th percentile might pay around $663 annually, while those in the 75th percentile could see bills as high as $2,435. At the 90th percentile, the tax bill can reach up to $3,689. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes fund essential public services like schools, emergency services, and infrastructure maintenance. Homeowners in Morgan should be aware of how these factors affect their annual tax obligations and consider appealing their assessments if they believe their property has been overvalued. The highest and lowest median tax bill in the area both stand at $1,425, indicating some consistency in tax assessments within the region.
Average Morgan Tax Bill
$1,425
Average Bosque County Tax Bill
$1,864
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Morgan, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76671 | $264 | $663 | $1,425 | $2,435 | $3,689 |
Source: Ownwell
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 15 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Bosque Appraisal District | |
| Website | esearch.bosquecad.com |