Melvin, Texas Property Taxes
The median property tax rate in Melvin, TX is 1.85%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Melvin at $31,570, the typical annual property tax bill reaches $529, which is below the national median of $2,690. Property taxes in Melvin 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 Melvin'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 Melvin 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
Melvin, 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 Melvin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Melvin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Melvin 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 Melvin, Texas
Property taxes in Melvin, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Melvin is 1.85%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Melvin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melvin 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 Melvin's effective property tax rate to other counties in Texas and the national median. For comparison, the 76858 zip code has the highest median property tax rate of 1.85%, while the same zip code also has the lowest median tax rate of 1.85%. Understanding how these cities compare with Melvin provides valuable insights into the varying tax landscape across McCulloch County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Melvin Tax Rate
1.85%
Average Mcculloch County Tax Rate
1.81%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Melvin, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76858 | 1.31% | 1.67% | 1.85% | 2.28% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Melvin, Texas
In Melvin, 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 McCulloch 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 Melvin, 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 Melvin is $31,570, with tax bills ranging from $305 at the 25th percentile to $2,076 at the 90th percentile. The zip code with the highest median tax bill is 76858, at $529, which is also the lowest median tax bill in the area. By understanding 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 Melvin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Melvin Assessed Value
$31,570
Average Mcculloch County Assessed Value
$74,310
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Melvin, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76858 | $5,552 | $14,290 | $31,570 | $75,130 | $127,782 |
Source: Ownwell
Property Tax Bills Across Melvin, Texas
In Melvin, located in McCulloch County, TX, property tax bills are calculated based on the assessed value of a home, not its market value. The local tax rate is applied to this assessed value to determine the tax bill. Homeowners in Melvin experience a range of property tax bills. For instance, those at the 25th percentile pay around $305, while those at the 75th percentile face bills closer to $1,242. At the higher end, the 90th percentile tax bill reaches approximately $2,076. Several factors influence these amounts, including the assessed value of the property, local tax rates, and any applicable exemptions. With the national median property tax rate at 0.99%, Melvin's rates can significantly impact homeowners, who might find themselves paying more or less depending on their property's assessed value and the specific tax rate applied. This variability underscores the importance of understanding local tax regulations and seeking potential exemptions to mitigate the financial burden.
Average Melvin Tax Bill
$529
Average Mcculloch County Tax Bill
$1,255
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Melvin, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76858 | $124 | $305 | $529 | $1,242 | $2,076 |
Source: Ownwell