Memphis, Texas Property Taxes
The median property tax rate in Memphis, TX is 2.18%, significantly higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Memphis at $40,565, the typical annual property tax bill amounts to $871, which is below the national median of $2,690. Property taxes in Memphis are calculated based on the assessed value, which often falls below the market value due to various 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 Hall 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
2.18%
Estimate Property Tax Bill
$884
$821
Ownwell’s Memphis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Memphis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Memphis 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 Memphis, Texas
Property taxes in Memphis, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Memphis is 2.18%, significantly 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 both the highest and lowest median property tax rate of 2.18%. Understanding how these cities compare with Memphis provides valuable insights into the varying tax landscape across Hall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Memphis Tax Rate
2.18%
Average Hall County Tax Rate
2.18%
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 | 2.18% | 2.18% | 2.18% | 2.18% | 2.18% |
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 Hall 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 zip code with the highest and lowest median tax bills in Memphis is 79245, both with a median tax bill of $871.
Average Memphis Assessed Value
$40,565
Average Hall County Assessed Value
$39,840
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 | $9,355 | $18,228 | $40,565 | $73,080 | $118,247 |
Source: Ownwell
Property Tax Bills Across Memphis, Texas
In Memphis, located in Hall County, Texas, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the local appraisal district and reflects the market value of the property. Various factors, such as the property's size, location, and condition, are taken into account to establish this value. Once the assessed value is determined, the tax rate set by the local taxing authorities is applied. For example, with a median home price of $40,565, homeowners in Memphis can expect a median tax bill around $871. This figure can vary significantly, with the 25th percentile tax bill at $395 and the 75th percentile at $1,567. At the higher end, the 90th percentile tax bill reaches $2,457. Compared to the national median property tax rate of 0.99%, the tax burden in Memphis can be notably different, impacting homeowners' annual expenses. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Memphis Tax Bill
$871
Average Hall County Tax Bill
$854
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 | $197 | $395 | $871 | $1,567 | $2,457 |
Source: Ownwell
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 15 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Hall Appraisal District | |
| Website | www.hallcad.org |