Mount Vernon, Texas Property Taxes
The median property tax rate in Mount Vernon, TX is 0.56%, considerably lower than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Mount Vernon at $257,575, the typical annual property tax bill reaches $1,390, well below the national median of $2,690. Property taxes in Mount Vernon 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 Mount Vernon'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 Mount Vernon 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
Mount Vernon, 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 Mount Vernon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Vernon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Vernon 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 Mount Vernon, Texas
Property taxes in Mount Vernon, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Vernon is 0.56%, which is lower than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Mount Vernon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Vernon 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 Mount Vernon's effective property tax rate to other counties in Texas and the national median. For comparison, the 75457 zip code has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Mount Vernon provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Vernon Tax Rate
0.56%
Average Titus County Tax Rate
0.41%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Vernon, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75457 | 0.43% | 0.49% | 0.56% | 0.61% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Mount Vernon, Texas
In Mount Vernon, 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 Franklin 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 Mount Vernon, 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. For example, the highest median tax bill in the area is $1,390 in the 75457 zip code, while the lowest median tax bill is also $1,390 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mount Vernon Assessed Value
$257,575
Average Titus County Assessed Value
$154,720
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Vernon, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75457 | $94,043 | $117,236 | $257,575 | $406,714 | $466,781 |
Source: Ownwell
Property Tax Bills Across Mount Vernon, Texas
In Mount Vernon, located in Titus County, TX, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $257,575, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Key factors influencing the tax bill include the home's assessed value, the local tax rate, and any applicable exemptions or deductions. The 25th percentile tax bill stands at $621, while the 75th percentile reaches $1,866. For those at the 90th percentile, the tax bill can go up to $2,639. This variability can significantly impact homeowners' financial planning and budgeting. Compared to the national median property tax rate of 0.99%, the property tax rates in Titus County may offer a more favorable or less favorable scenario for homeowners, depending on individual circumstances. Understanding these factors helps homeowners anticipate their annual property tax obligations more accurately.
Average Mount Vernon Tax Bill
$1,390
Average Titus County Tax Bill
$573
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Vernon, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75457 | $532 | $621 | $1,390 | $1,866 | $2,639 |
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 | |
|---|---|
| Titus Appraisal District | |
| Website | esearch.titus-cad.org |