Olmito, Texas Property Taxes
The median property tax rate in Olmito, TX is 1.19%, 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 $146,922 in Olmito, the typical annual property tax bill amounts to $1,417, falling below the national median of $2,690. Property taxes in Olmito are determined based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Olmito's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you reside in the heart of Olmito or another area within the city, gaining insight into the local property tax framework will prove beneficial.
Last Updated June 14, 2024
Olmito, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
$2,192
$1,148
Average Olmito, Texas Tax Savings
Ownwell’s Olmito Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olmito with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olmito to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Olmito. 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 Olmito, Texas
Property taxes in Olmito, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olmito is 1.19%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Olmito set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olmito 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 Olmito's effective property tax rate to other counties in Texas and the national median. For comparison, the 78575 zip code has the highest median property tax rate of 1.19%, while the 78575 zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Olmito provides valuable insights into the varying tax landscape across Cameron County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olmito Tax Rate
1.19%
Average Cameron County Tax Rate
1.37%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olmito, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78575 | 0.41% | 0.80% | 1.19% | 1.65% | 1.89% |
Source: Ownwell
$1,148
Average Olmito Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Olmito, Texas
In Olmito, 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 Cameron 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 Olmito, 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. The zip code with the highest median tax bill in Olmito is 78575 at $1,417, which is still below the national median property tax rate of 0.99%. Being aware of these valuation processes in Olmito helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Olmito Assessed Value
$146,922
Average Cameron County Assessed Value
$129,230
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olmito, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78575 | $38,490 | $75,889 | $146,922 | $271,222 | $352,372 |
Source: Ownwell
$1,148
Average Olmito Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Olmito, Texas
In Olmito, property tax bills are calculated based on the assessed value of a home, which is determined by the Cameron County appraisal district. The tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements are considered in the assessment process. The median home price in Olmito is $146,922, resulting in varying tax bills. For instance, homeowners in the 25th percentile pay around $592, while those in the 75th percentile see bills as high as $3,626. The highest median tax bill in the area is $1,417. These property tax bills can significantly impact homeowners, especially when they fall in the higher percentiles. Ownwell helps homeowners save on their property tax bills by providing expert appeal and exemption services. By ensuring that properties are accurately assessed and applying for eligible exemptions, Ownwell can help reduce the financial burden on homeowners, ensuring they pay only their fair share.
Average Olmito Tax Bill
$1,417
Average Cameron County Tax Bill
$1,460
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Olmito, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78575 | $262 | $592 | $1,417 | $3,626 | $5,798 |
Source: Ownwell
$1,148
Average Olmito Tax Savings
Save on your property taxes & more with 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 | |
|---|---|
| Cameron Appraisal District | |
| Phone | (956) 399-9322 |
| Website | cameron.prodigycad.com |
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