Iola, Texas Property Taxes
The median property tax rate in Iola, TX is 0.76%, significantly lower than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Iola at $299,645, the typical annual property tax bill reaches $1,682, which is well below the national median of $2,690. Property taxes in Iola 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 Iola'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 Iola 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
Iola, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
Ownwell’s Iola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Iola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Iola 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 Iola, Texas
Property taxes in Iola, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iola is 1.36%, higher than both the Texas state median of 1.80% and the U.S. national median of 0.99%. Local government entities within Iola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Iola 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 Iola's effective property tax rate to other counties in Texas and the national median. For comparison, the 77861 zip code has the highest median property tax rate of 1.36%, while the 77861 zip code has the lowest median tax rate of 1.36%. Understanding how these cities compare with Iola provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Iola Tax Rate
0.76%
Average Madison County Tax Rate
0.95%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iola, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77861 | 0.25% | 0.35% | 0.76% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Iola, Texas
In Iola, 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 Madison 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 Iola, 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 Iola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Among the different zip codes, the highest median tax bill is $1682 in 77861, while the lowest median tax bill is also $1682 in 77861.
Average Iola Assessed Value
$299,645
Average Madison County Assessed Value
$154,920
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Iola, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77861 | $224,336 | $258,950 | $299,645 | $389,455 | $512,476 |
Source: Ownwell
Property Tax Bills Across Iola, Texas
Property tax bills in Iola, Madison County, TX, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the home. The tax rate is then applied to this assessed value to determine the annual tax bill. In Iola, the median home price is $299,645. Homeowners in Iola can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $1,105, while at the 75th percentile, it reaches $2,573. At the 90th percentile, the tax bill can be as high as $3,170. These figures illustrate the range of property tax burdens that homeowners may face, depending on their home's assessed value and the specific tax rate applied. Comparatively, the national median property tax rate is 0.99%, highlighting the variability in property tax burdens across different regions. For homeowners in Iola, understanding these factors is crucial for financial planning and managing homeownership costs effectively.
Average Iola Tax Bill
$1,682
Average Madison County Tax Bill
$1,166
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Iola, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77861 | $1,074 | $1,105 | $1,682 | $2,573 | $3,170 |
Source: Ownwell