Midland, Texas Property Taxes
The median property tax rate in Midland, TX is 0.90%, notably lower than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Midland at $214,274, the typical annual property tax bill amounts to $1,573, which is well below the national median of $2,690. Property taxes in Midland are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Midland'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 Midland 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
Midland, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$1,928
$1,790
Ownwell’s Midland Property Tax Bill Calculator is designed to assist homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Midland with just two pieces of information. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Midland to provide an estimate of your property tax bill. This valuable tool offers insight into potential tax liabilities, helping you make informed decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Midland, Texas
Property taxes in Midland, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Midland is 0.90%, lower than both the Texas state median of 1.80% and the U.S. national median of 0.99%. Local government entities within Midland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midland 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 Midland's effective property tax rate to other counties in Texas and the national median. For comparison, the 79706 zip code has the highest median property tax rate of 0.90%, while the same 79706 zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with Midland provides valuable insights into the varying tax landscape across Glasscock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midland Tax Rate
0.90%
Average Glasscock County Tax Rate
0.90%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midland, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79706 | 0.86% | 0.90% | 0.90% | 0.90% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Midland, Texas
In Midland, 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 Midland 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 Midland, 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. For example, the highest median tax bill in Midland is $1,573 in the 79706 zip code. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Midland Assessed Value
$214,274
Average Glasscock County Assessed Value
$65,276
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Midland, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79706 | $48,827 | $98,626 | $214,274 | $234,976 | $246,922 |
Source: Ownwell
Property Tax Bills Across Midland, Texas
In Midland, property tax bills are calculated based on the assessed value of a home, which is determined by the Midland County Appraisal District. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Midland, the median home price is $214,274. Property tax bills can vary significantly, with the 25th percentile at $856 and the 75th percentile reaching $2,090. At the 90th percentile, homeowners may see tax bills as high as $2,231. Factors influencing the tax bill include the home's market value, exemptions for which the property may qualify, and the specific tax rate set by local taxing authorities. Compared to the national median property tax rate of 0.99%, Midland homeowners experience a range of tax burdens. For instance, in the 79706 zip code, the median tax bill stands at $1,573, reflecting the variability within the county. These property taxes fund essential services such as public education, infrastructure, and emergency services, impacting the overall quality of life for residents.
Average Midland Tax Bill
$1,573
Average Glasscock County Tax Bill
$576
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Midland, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79706 | $610 | $856 | $1,573 | $2,090 | $2,231 |
Source: Ownwell