Monahans, Texas Property Taxes
The median property tax rate in Monahans, TX is 1.67%, aligning with the state median but significantly higher than the national median of 0.99%. With a median home value of $94,290, the typical annual property tax bill in Monahans is $1,252, which is substantially lower than the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Monahans' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Monahans 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
Monahans, 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 Monahans Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Monahans with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monahans to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Monahans, Texas
Property taxes in Monahans, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monahans is 1.67%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Monahans set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monahans 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 Monahans' effective property tax rate to other counties in Texas and the national median. For comparison, the 79756 zip code has both the highest and lowest median property tax rate of 1.67%. Understanding how these cities compare with Monahans provides valuable insights into the varying tax landscape across Ward County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monahans Tax Rate
1.67%
Average Ward County Tax Rate
1.64%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monahans, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79756 | 0.86% | 1.34% | 1.67% | 1.98% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Monahans, Texas
In Monahans, 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 Ward 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 Monahans, 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 Monahans helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is found in zip code 79756, with a value of $1252.00.
Average Monahans Assessed Value
$94,290
Average Ward County Assessed Value
$84,385
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monahans, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79756 | $15,380 | $38,010 | $94,290 | $162,010 | $245,120 |
Source: Ownwell
Property Tax Bills Across Monahans, Texas
In Monahans, located in Ward County, TX, property tax bills are determined by assessing the market value of a property and applying the local tax rate. The process begins with the appraisal district evaluating the market value of each home. For instance, with a median home price of $94,290, the assessed value forms the basis for the tax calculation. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including the property's assessed value, applicable exemptions, and the specific tax rate set by local taxing authorities. Homeowners in Monahans can expect varying tax bills. For example, the 25th percentile tax bill is around $561, while those in the 75th percentile pay approximately $2,376. In the 90th percentile, tax bills can reach up to $4,143. These figures illustrate the range of property tax bills in the area, significantly impacting homeowners' annual expenses. Comparing these values to the national median property tax rate of 0.99% highlights the local differences in tax burdens.
Average Monahans Tax Bill
$1,252
Average Ward County Tax Bill
$1,092
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Monahans, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79756 | $274 | $561 | $1,252 | $2,376 | $4,143 |
Source: Ownwell