Munday, Texas Property Taxes
The median property tax rate in Munday, TX is 1.20%, which is higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With the median home value in Munday at $129,360, the typical annual property tax bill comes to approximately $1,553, falling below the national median of $2,690. Property taxes in Munday are calculated based on the assessed value, which often is less than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Munday's property tax system, exploring available exemptions, and finding opportunities for reductions can result in significant annual savings. Whether you're in the heart of Munday or another part of Haskell County, comprehending the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Munday, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$1,552
$1,441
Ownwell’s Munday Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Munday with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Munday 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 Munday, Texas
Property taxes in Munday, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Munday is 1.20%, higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Munday set these rates annually, and they can vary significantly across different neighborhoods. Each year, Munday 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 Munday's effective property tax rate to other counties in Texas and the national median. For comparison, the 76371 zip code has the highest median property tax rate of 1.20%, while the 76371 zip code has the lowest median tax rate of 1.20%. Understanding how these cities compare with Munday provides valuable insights into the varying tax landscape across Haskell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Munday Tax Rate
1.20%
Average Haskell County Tax Rate
1.85%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Munday, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76371 | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Munday, Texas
In Munday, 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 Haskell 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 Munday, 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. The median home price in Munday is $129,360, with the median tax bill being $1,553. Both the highest and lowest median tax bills are found in zip code 76371, amounting to $1,553. 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 Munday helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Munday Assessed Value
$129,360
Average Haskell County Assessed Value
$63,955
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Munday, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76371 | $129,360 | $129,360 | $129,360 | $129,360 | $129,360 |
Source: Ownwell
Property Tax Bills Across Munday, Texas
In Munday, located in Haskell County, TX, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. Homeowners in Munday face a median property tax bill of $1,553, which is significantly higher than the national median property tax rate of 0.99%. This tax amount is influenced by multiple factors including property size, location, and any improvements made to the property. The uniformity in tax bills, with the 25th, 75th, and 90th percentiles all being $1,553, suggests a consistent assessment approach in the region. For homeowners, this property tax rate can impact their annual budgeting and overall cost of homeownership. Higher property taxes can affect the affordability of owning a home and may influence decisions on property investments and improvements. Understanding these factors is crucial for homeowners as they navigate their financial responsibilities.
Average Munday Tax Bill
$1,553
Average Haskell County Tax Bill
$952
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Munday, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76371 | $1,553 | $1,553 | $1,553 | $1,553 | $1,553 |
Source: Ownwell