Memphis, Texas Property Taxes
The median property tax rate in Memphis, TX is 1.56%, which is higher than the national median of 0.99% but slightly lower than the Texas state median of 1.67%. With a median home value of $56,361, the typical annual property tax bill in Memphis amounts to $428, significantly below the national median of $2,690. Property taxes in Memphis are calculated based on the tax assessed value, which usually falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Memphis'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 Memphis or another part of Donley County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Memphis, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$879
$813
Ownwell’s Memphis Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Memphis using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Memphis to provide an estimate of 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 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 1.56%, higher than both the Texas state median 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 1.56%, while the same 79245 zip code has the lowest median tax rate of 1.56%. Understanding how these cities compare with Memphis provides valuable insights into the varying tax landscape across Donley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Memphis Tax Rate
1.56%
Average Donley County Tax Rate
2.20%
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 | 0.64% | 0.99% | 1.56% | 1.62% | 1.65% |
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 Donley 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. 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 Memphis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Memphis is $428.00 in zip code 79245, while the lowest median tax bill is also $428.00 in the same zip code.
Average Memphis Assessed Value
$56,361
Average Donley County Assessed Value
$35,022
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 | $12,234 | $28,782 | $56,361 | $80,352 | $94,746 |
Source: Ownwell
Property Tax Bills Across Memphis, Texas
In Memphis, TX, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor's office. The assessed value is a percentage of the market value of the property. The tax rate, which is set by local taxing authorities, is then applied to this assessed value to determine the annual property tax bill. Several factors influence the assessed value, including the home's location, size, and condition. For homeowners in Memphis, the median home price stands at $56,361. Property tax bills can vary significantly; for example, at the 25th percentile, homeowners might pay around $224 annually, while those at the 75th percentile could see bills as high as $654. At the 90th percentile, the tax bill can reach up to $790. These property tax bills can impact homeowners' finances, making it essential for them to understand how their tax obligations are calculated and to budget accordingly. Compared to the national median property tax rate of 0.99%, Memphis offers a relatively affordable tax environment, which can be a significant factor for potential homebuyers.
Average Memphis Tax Bill
$428
Average Donley County Tax Bill
$745
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 | $102 | $224 | $428 | $654 | $790 |
Source: Ownwell