Miami, Texas Property Taxes
The median property tax rate in Miami, TX is 1.48%, which is considerably higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $114,290, the typical annual property tax bill in Miami is $1,535, falling below the national median of $2,690. Property taxes in Miami are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Miami'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 Miami 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
Miami, 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 Miami Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Miami with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Miami to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, ensuring you are well-prepared for any financial obligations. 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 Miami, Texas
Property taxes in Miami, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Miami is 1.48%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Miami set these rates annually, and they can vary significantly across different neighborhoods. Each year, Miami 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 Miami's effective property tax rate to other counties in Texas and the national median. For comparison, the 79059 zip code has the highest median property tax rate of 1.48%, while the 79059 zip code also has the lowest median tax rate of 1.48%. Understanding how these cities compare with Miami provides valuable insights into the varying tax landscape across Gray County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Miami Tax Rate
1.48%
Average Gray County Tax Rate
2.61%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Miami, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79059 | 1.17% | 1.24% | 1.48% | 1.82% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Miami, Texas
In Miami, 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 Gray 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 Miami, 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 Miami helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 79059 has the highest and lowest median tax bill, both at $1,535, compared to the national median property tax rate of 0.99%.
Average Miami Assessed Value
$114,290
Average Gray County Assessed Value
$47,170
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Miami, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79059 | $63,580 | $68,200 | $114,290 | $170,540 | $190,630 |
Source: Ownwell
Property Tax Bills Across Miami, Texas
In Miami, Gray County, TX, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value, which is determined by the county appraisal district. Several factors influence this value, including the home's size, age, location, and condition. For homeowners in Miami, the median home price is $114,290. The property tax rate in Gray County results in varying tax bills. For instance, the 25th percentile tax bill is $1,176, while the 75th percentile tax bill is $2,280. At the 90th percentile, homeowners might pay around $2,643. These figures illustrate the range of what homeowners can expect to pay annually. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Miami to understand how local rates and assessed values affect their tax liabilities. This knowledge can help them plan their finances more effectively and explore potential exemptions or appeals.
Average Miami Tax Bill
$1,535
Average Gray County Tax Bill
$1,100
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Miami, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79059 | $928 | $1,176 | $1,535 | $2,280 | $2,643 |
Source: Ownwell