Chillicothe, Texas Property Taxes
The median property tax rate in Chillicothe, TX is 2.59%, significantly higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Chillicothe at $25,155, the typical annual property tax bill reaches $638, which is below the national median of $2,690. Property taxes in Chillicothe are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Chillicothe'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 Chillicothe or another part of Hardeman County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chillicothe, 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 Chillicothe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chillicothe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chillicothe 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 Chillicothe, Texas
Property taxes in Chillicothe, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chillicothe is 2.59%, significantly higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Chillicothe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chillicothe 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 Chillicothe's effective property tax rate to other counties in Texas and the national median. For comparison, the 79225 zip code has the highest median property tax rate of 2.59%, while the same zip code also has the lowest median tax rate of 2.59%. Understanding how these cities compare with Chillicothe provides valuable insights into the varying tax landscape across Hardeman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chillicothe Tax Rate
2.59%
Average Hardeman County Tax Rate
2.31%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chillicothe, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79225 | 2.03% | 2.59% | 2.59% | 2.59% | 2.59% |
Source: Ownwell
Property Tax Assessment Values Across Chillicothe, Texas
In Chillicothe, 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 Hardeman 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 Chillicothe, 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. For instance, the median home price in Chillicothe is $25,155, with tax bills ranging from $252 at the 25th percentile to $2,143 at the 90th percentile. The highest and lowest median tax bills both stand at $638 in the 79225 zip code. 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 Chillicothe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chillicothe Assessed Value
$25,155
Average Hardeman County Assessed Value
$32,885
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chillicothe, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79225 | $3,568 | $10,008 | $25,155 | $53,848 | $88,222 |
Source: Ownwell
Property Tax Bills Across Chillicothe, Texas
In Chillicothe, located in Hardeman County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $25,155. Homeowners can expect their property tax bill to fall within a range, with the 25th percentile at $252 and the 75th percentile at $1,309. For those in the 90th percentile, tax bills can reach up to $2,143. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. Factors such as property size, location, and improvements can affect the assessed value. This system ensures that property taxes are proportionate to the value of the home, impacting homeowners by reflecting their property's market value. Compared to the national median property tax rate of 0.99%, Chillicothe's property tax rates can vary, but they are structured to align with the local economic landscape.
Average Chillicothe Tax Bill
$638
Average Hardeman County Tax Bill
$743
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Chillicothe, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79225 | $93 | $252 | $638 | $1,309 | $2,143 |
Source: Ownwell