Milano, Texas Property Taxes
The median property tax rate in Milano, TX is 1.18%, which is higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $149,885 in Milano, the typical annual property tax bill amounts to $1,360, falling below the national median of $2,690. Property taxes in Milano are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural use. Understanding Milano’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 Milano or another part of Milam County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milano, 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 MILANO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MILANO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MILANO 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 Milano, Texas
Property taxes in Milano, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milano is 1.18%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Milano set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milano 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 Milano's effective property tax rate to other counties in Texas and the national median. For comparison, the 76556 zip code has the highest median property tax rate of 1.18%, while the lowest median tax rate is also 1.18% in the same zip code. Understanding how these cities compare with Milano provides valuable insights into the varying tax landscape across Milam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milano Tax Rate
1.18%
Average Milam County Tax Rate
1.45%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milano, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76556 | 0.28% | 0.70% | 1.18% | 1.65% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Milano, Texas
In Milano, 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 Milam 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. 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. Milano's median home price is $149,885, with tax bills ranging from $560 at the 25th percentile to $4,713 at the 90th percentile. The highest and lowest median tax bills are both $1,360 in the 76556 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milano Assessed Value
$149,885
Average Milam County Assessed Value
$146,970
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milano, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76556 | $17,275 | $55,625 | $149,885 | $353,838 | $603,965 |
Source: Ownwell
Property Tax Bills Across Milano, Texas
In Milano, TX, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the Milam County Appraisal District and reflects the market value of the property. Factors such as the property's location, size, and condition play a significant role in this assessment. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For instance, with a median home price of $149,885, homeowners in Milano can expect their tax bills to vary widely. At the lower end, the 25th percentile tax bill is around $560, while at the higher end, the 75th percentile tax bill is approximately $2,716. The top 10% of tax bills can reach up to $4,713. These tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Milano's tax rates reflect the unique economic conditions of the area.
Average Milano Tax Bill
$1,360
Average Milam County Tax Bill
$1,812
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Milano, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76556 | $228 | $560 | $1,360 | $2,716 | $4,713 |
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 | |
|---|---|
| Milam Appraisal District | |
| Website | esearch.milamad.org |