Tiki Island, Texas Property Taxes
The median property tax rate in Tiki Island, TX is 2.01%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Tiki Island at $765,490, the typical annual property tax bill reaches $15,022, significantly exceeding the national median of $2,690. Property taxes in Tiki Island 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 Tiki Island'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 Tiki Island 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
Tiki Island, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$15,386
$14,236
$1,148
Average Tiki Island, Texas Tax Savings
Ownwell’s Tiki Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tiki Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tiki Island 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 Tiki Island. 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 Tiki Island, Texas
Property taxes in Tiki Island, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tiki Island is 2.01%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Tiki Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tiki Island 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 Tiki Island's effective property tax rate to other counties in Texas and the national median. For comparison, the 77554 zip code has the highest median property tax rate of 2.01%, while the 77554 zip code also has the lowest median tax rate of 2.01%. Understanding how these cities compare with Tiki Island provides valuable insights into the varying tax landscape across Galveston, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tiki Island Tax Rate
2.01%
Average Galveston County Tax Rate
1.43%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tiki Island, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77554 | 1.45% | 1.77% | 2.01% | 2.31% | 2.52% |
Source: Ownwell
$1,148
Average Tiki Island Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Tiki Island, Texas
In Tiki Island, 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 Galveston 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 Tiki Island, 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 Tiki Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 77554, with a median tax bill of $15,022, while the lowest is also 77554, with the same value.
Average Tiki Island Assessed Value
$765,490
Average Galveston County Assessed Value
$305,463
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tiki Island, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77554 | $511,317 | $580,930 | $765,490 | $949,000 | $1,413,396 |
Source: Ownwell
$1,148
Average Tiki Island Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Tiki Island, Texas
Property tax bills in Tiki Island, located within Galveston County, TX, are calculated based on the assessed value of a property and the local tax rate. With a median home price of $765,490, homeowners in Tiki Island face property tax bills that can vary significantly. The tax bill at the 25th percentile is $11,884, while at the 75th percentile, it rises to $18,918, and at the 90th percentile, it reaches $23,974. Several factors influence these tax bills, including the assessed value of the property, local tax rates, and any applicable exemptions. The assessed value is determined by the county's appraisal district, which evaluates the property's market value. Compared to the national median property tax rate of 0.99%, Tiki Island's rates result in higher tax bills, reflecting the area's higher property values. Ownwell assists homeowners by providing expert property tax appeal services, potentially reducing their assessed values and, consequently, their tax bills. By leveraging local market data and appraisal expertise, Ownwell can help Tiki Island homeowners achieve significant savings on their property taxes.
Average Tiki Island Tax Bill
$15,022
Average Galveston County Tax Bill
$4,120
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Tiki Island, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 77554 | $8,855 | $11,884 | $15,022 | $18,918 | $23,974 |
Source: Ownwell
$1,148
Average Tiki Island Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 17 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Galveston Appraisal District | |
| Website | esearch.galvestoncad.org |
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