Mckinney, Texas Property Taxes
The median property tax rate in McKinney, TX is 1.53%, which is considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in McKinney at $489,242, the typical annual property tax bill reaches $7,567, exceeding the national median of $2,690. Property taxes in McKinney 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 McKinney'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 McKinney 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
Mckinney, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.53%
Estimate Property Tax Bill
$7,485
$6,926
$1,148
Average Mckinney, Texas Tax Savings
Ownwell’s McKinney Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in McKinney with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in McKinney 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 McKinney. 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 Mckinney, Texas
Property taxes in McKinney, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McKinney is 1.53%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within McKinney set these rates annually, and they can vary significantly across different neighborhoods. Each year, McKinney 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 McKinney's effective property tax rate to other counties in Texas and the national median. For comparison, the 75069 zip code has the highest median property tax rate of 1.64%, while the 75072 zip code has the lowest median tax rate of 1.49%. Understanding how these cities compare with McKinney provides valuable insights into the varying tax landscape across Collin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mckinney Tax Rate
1.53%
Average Collin County Tax Rate
1.60%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mckinney, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75069 | 1.19% | 1.36% | 1.64% | 1.79% | 1.79% |
| 75070 | 1.34% | 1.41% | 1.51% | 1.69% | 1.79% |
| 75071 | 1.33% | 1.43% | 1.58% | 1.79% | 1.92% |
| 75072 | 1.33% | 1.39% | 1.49% | 1.69% | 1.79% |
Source: Ownwell
$1,148
Average Mckinney Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Mckinney, Texas
In McKinney, 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 Collin 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 McKinney, 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 McKinney is $489,242, with tax bills ranging from $6,043 at the 25th percentile to $12,031 at the 90th percentile. The highest median tax bill is $8,152 in the 75072 zip code, while the lowest is $4,983 in the 75069 zip code. 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 McKinney helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mckinney Assessed Value
$489,242
Average Collin County Assessed Value
$477,029
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mckinney, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75069 | $99,501 | $198,926 | $327,277 | $461,872 | $617,269 |
| 75070 | $363,469 | $405,378 | $475,344 | $610,773 | $747,605 |
| 75071 | $201,390 | $376,625 | $492,460 | $626,103 | $767,891 |
| 75072 | $383,497 | $452,559 | $537,592 | $649,624 | $822,156 |
Source: Ownwell
$1,148
Average Mckinney Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Mckinney, Texas
In McKinney, located in Collin County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local appraisal district. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property improvements, neighborhood trends, and market conditions are considered in the assessment. Homeowners in McKinney face varying tax bills, with the 25th percentile at $6,043 and the 75th percentile at $9,569. The highest median tax bill in the area is $8,152 in the 75072 zip code, while the lowest is $4,983 in the 75069 zip code. High property taxes can significantly impact homeowners' financial well-being. Ownwell assists homeowners in McKinney by providing professional property tax appeal and exemption services, potentially lowering their tax burdens. By leveraging local expertise and data, Ownwell helps ensure that homeowners are not overpaying on their property taxes, leading to substantial savings.
Average Mckinney Tax Bill
$7,567
Average Collin County Tax Bill
$7,555
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Mckinney, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75069 | $1,573 | $3,066 | $4,983 | $6,886 | $9,588 |
| 75070 | $5,601 | $6,346 | $7,416 | $9,188 | $11,101 |
| 75071 | $2,997 | $5,887 | $7,799 | $10,075 | $12,580 |
| 75072 | $5,869 | $6,850 | $8,152 | $9,885 | $12,533 |
Source: Ownwell
$1,148
Average Mckinney Tax Savings
Save on your property taxes & more with 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 | |
|---|---|
| Collin Appraisal District | |
| Phone | (469) 742-9200 |
| Website | esearch.collincad.org |
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