Milford, Texas Property Taxes
The median property tax rate in Milford, TX is 1.11%, slightly higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With the median home value in Milford at $142,670, the typical annual property tax bill is $985, which is considerably lower than the national median of $2,690. Property taxes in Milford are calculated based on the tax assessed value, which is often below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Milford'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 Milford 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
Milford, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$1,584
$1,466
$1,148
Average Milford, Texas Tax Savings
Ownwell’s Milford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milford 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 Milford. 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 Milford, Texas
Property taxes in Milford, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford is 1.11%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milford 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 Milford's effective property tax rate to other counties in Texas and the national median. For comparison, the 76670 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Milford provides valuable insights into the varying tax landscape across Ellis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milford Tax Rate
1.11%
Average Ellis County Tax Rate
1.33%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milford, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76670 | 0.18% | 0.57% | 1.11% | 1.32% | 1.38% |
Source: Ownwell
$1,148
Average Milford Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Milford, Texas
In Milford, 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 Ellis 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 Milford, 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. The median home price in Milford is $142,670, with tax bills ranging significantly. For instance, the tax bill at the 25th percentile is $418, while at the 75th percentile, it reaches $1,975. The highest median tax bill is $985 in the 76670 zip code, which is also the lowest median tax bill. Understanding these valuation processes helps property owners identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milford Assessed Value
$142,670
Average Ellis County Assessed Value
$332,264
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milford, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76670 | $30,000 | $55,620 | $142,670 | $208,922 | $263,782 |
Source: Ownwell
$1,148
Average Milford Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Milford, Texas
Property tax bills in Milford, Ellis County, TX are calculated based on the assessed value of a property, which is determined by the county appraisal district. The tax rate, set by local taxing authorities, is then applied to this assessed value. For instance, with a median home price of $142,670, homeowners can expect varying tax bills. The 25th percentile tax bill is around $418, while the 75th percentile reaches $1,975, and the 90th percentile can be as high as $2,864. This variation highlights the importance of accurate property assessments and the impact on homeowners' finances. Ownwell can help homeowners in Milford save on their property tax bills by providing expert property tax appeal and exemption services. By ensuring that your property is accurately assessed and identifying potential exemptions, Ownwell can significantly reduce your tax burden. This tailored approach not only ensures fair taxation but also provides peace of mind, knowing that you're not overpaying on your property taxes.
Average Milford Tax Bill
$985
Average Ellis County Tax Bill
$4,181
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Milford, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76670 | $182 | $418 | $985 | $1,975 | $2,864 |
Source: Ownwell
$1,148
Average Milford 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 | |
|---|---|
| Ellis Appraisal District | |
| Phone | (972) 825-5150 |
| Website | www.elliscad.com |
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