Valley Mills, Texas Property Taxes
The median property tax rate in Valley Mills, TX is 1.40%, which is higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Valley Mills at $163,590, the typical annual property tax bill reaches $2,132, falling below the national median of $2,690. Property taxes in Valley Mills 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 Valley Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Valley Mills 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
Valley Mills, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$2,290
$2,119
Ownwell’s Valley Mills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Valley Mills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Valley Mills 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 Valley Mills, Texas
Property taxes in Valley Mills, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Valley Mills is 1.40%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Valley Mills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Valley Mills 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 Valley Mills's effective property tax rate to other counties in Texas and the national median. For comparison, the 76689 zip code has the highest median property tax rate of 1.40%, while the 76689 zip code has the lowest median tax rate of 1.40%. Understanding how these cities compare with Valley Mills 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 Valley Mills Tax Rate
1.40%
Average Bosque County Tax Rate
1.22%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Valley Mills, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76689 | 0.75% | 1.03% | 1.40% | 1.72% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Valley Mills, Texas
In Valley Mills, 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 Valley Mills, 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. Being aware of these valuation processes in Valley Mills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in the 76689 zip code stands at $2,132, reflecting typical property taxes in the area.
Average Valley Mills Assessed Value
$163,590
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 Valley Mills, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76689 | $33,616 | $88,873 | $163,590 | $272,224 | $388,690 |
Source: Ownwell
Property Tax Bills Across Valley Mills, Texas
In Valley Mills, located in Bosque County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the county appraisal district. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $163,590, homeowners can expect varying tax bills depending on their property's assessed value and the applicable tax rate. Several factors influence the final tax bill, including local tax rates, which can differ from the national median property tax rate of 0.99%. In Valley Mills, the 25th percentile tax bill is $1,141, while the 75th percentile tax bill reaches $3,380, and the 90th percentile tax bill can go up to $4,864. These figures illustrate the range of property tax obligations homeowners might face. Understanding these factors is crucial for homeowners as property taxes significantly impact the overall cost of owning a home in Valley Mills.
Average Valley Mills Tax Bill
$2,132
Average Bosque County Tax Bill
$1,864
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Valley Mills, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76689 | $416 | $1,141 | $2,132 | $3,380 | $4,864 |
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 |