Memphis, Texas Property Taxes
The median property tax rate in Memphis, TX is 1.55%, notably higher than the national median of 0.99%, yet slightly below the Texas state median of 1.67%. With a median home value in Memphis of $114,558, the typical annual property tax bill amounts to $1,774, which is lower than the national median of $2,690. Property taxes in Memphis are based on the assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Memphis's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Memphis or another part of Childress County, gaining insight into the local property tax system will prove beneficial.
Last Updated June 14, 2024
Memphis, 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 Memphis Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers aiming to estimate their annual property taxes in Memphis. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Memphis to provide an accurate estimate of your property tax bill. This tool is designed to give you a clear understanding of your potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed insights, you can explore neighborhood-level trends by scrolling down for localized information. Your property’s assessed value, determined by the county, incorporates any applicable exemptions, ensuring a precise calculation for tax purposes.
Property Tax Rates Across Memphis, Texas
Property taxes in Memphis, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Memphis is 1.55%, higher than both the Texas state median of 1.80% and the U.S. national median of 0.99%. Local government entities within Memphis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Memphis 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 Memphis's effective property tax rate to other counties in Texas and the national median. For comparison, the 79245 zip code has the highest median property tax rate of 1.55%, while the 79245 zip code has the lowest median tax rate of 1.55%. Understanding how these cities compare with Memphis provides valuable insights into the varying tax landscape across Childress County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Memphis Tax Rate
1.55%
Average Childress County Tax Rate
2.33%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Memphis, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79245 | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Memphis, Texas
In Memphis, 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 Childress 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 Memphis, 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. The median home price in Memphis stands at $114,558, with the median tax bill being $1,774. Both the highest and lowest median tax bills are in the 79245 zip code, reflecting the uniformity in the area. 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 Memphis Assessed Value
$114,558
Average Childress County Assessed Value
$64,376
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Memphis, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79245 | $114,558 | $114,558 | $114,558 | $114,558 | $114,558 |
Source: Ownwell
Property Tax Bills Across Memphis, Texas
In Memphis, located in Childress County, TX, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local appraisal district, which evaluates the market value of the property. For instance, with a median home price of $114,558, homeowners can expect their property tax bill to be around $1,774. This figure is consistent across different percentiles, indicating a stable tax rate within the region. Several factors influence the assessed value, including the property's location, size, and improvements. These elements collectively determine the market value, which is then multiplied by the local tax rate to calculate the final tax bill. Homeowners in Memphis should be aware that their property tax bill can significantly impact their annual expenses. With the national median property tax rate at 0.99%, the tax rate in Childress County offers a comparative perspective for homeowners evaluating their financial obligations. Understanding these factors can help homeowners better anticipate and manage their property tax responsibilities.
Average Memphis Tax Bill
$1,774
Average Childress County Tax Bill
$1,381
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Memphis, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79245 | $1,774 | $1,774 | $1,774 | $1,774 | $1,774 |
Source: Ownwell