Morton, Texas Property Taxes
The median property tax rate in Morton, TX is 2.97%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Morton at $15,463, the typical annual property tax bill reaches $416, which is significantly lower than the national median of $2,690. Property taxes in Morton 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 Morton'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 Morton or another part of Cochran County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morton, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.97%
Estimate Property Tax Bill
$459
$426
Ownwell’s Morton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morton 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 Morton, Texas
Property taxes in Morton, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morton is 2.97%, significantly higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Morton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morton 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 Morton's effective property tax rate to other counties in Texas and the national median. For comparison, the zip code 79346 has the highest median property tax rate of 2.97%, while the same zip code also has the lowest median tax rate of 2.97%. Understanding how these cities compare with Morton provides valuable insights into the varying tax landscape across Cochran County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morton Tax Rate
2.97%
Average Cochran County Tax Rate
3.27%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morton, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79346 | 2.20% | 2.32% | 2.97% | 3.27% | 3.33% |
Source: Ownwell
Property Tax Assessment Values Across Morton, Texas
In Morton, 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 Cochran 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 Morton, 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. Morton’s median home price is $15,463, with tax bills ranging significantly. The 25th percentile tax bill is $186, while the 75th percentile is $941, and the 90th percentile reaches up to $1,951. The highest and lowest median tax bills are both $416 in zip code 79346. Being aware of these valuation processes in Morton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Morton Assessed Value
$15,463
Average Cochran County Assessed Value
$14,911
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morton, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79346 | $1,798 | $6,727 | $15,463 | $37,650 | $77,118 |
Source: Ownwell
Property Tax Bills Across Morton, Texas
In Morton, Cochran County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessment process determines the value of your property, which is then multiplied by the local tax rate to calculate the tax bill. For instance, with a median home price of $15,463, homeowners can expect varying tax bills. The 25th percentile tax bill is around $186, while the 75th percentile reaches up to $941. Factors influencing the tax bill include the market value of the property, local tax rates, and any applicable exemptions. These elements collectively determine the final amount homeowners owe. Compared to the national median property tax rate of 0.99%, Morton's rates may seem relatively modest, but they still significantly impact homeowners' finances. The highest median tax bill in the area is $416, specifically in the 79346 zip code. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Morton Tax Bill
$416
Average Cochran County Tax Bill
$427
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Morton, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79346 | $53 | $186 | $416 | $941 | $1,951 |
Source: Ownwell