Merit, Texas Property Taxes
The median property tax rate in MERIT, TX, stands at 0.74%, which is lower than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $479,190 in MERIT, the typical annual property tax bill amounts to $3,548, surpassing the national median of $2,690. Property taxes in MERIT are determined based on the tax assessed value, which is usually lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding MERIT'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 MERIT 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
Merit, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$3,546
$3,291
$1,148
Average Tax Savings
Ownwell’s MERIT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MERIT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MERIT to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in MERIT. 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 Merit, Texas
Property taxes in MERIT, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MERIT is 0.74%, lower than both the Texas state median of 1.9% and the U.S. national median of 0.99%. Local government entities within MERIT set these rates annually, and they can vary significantly across different neighborhoods. Each year, MERIT 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 MERIT's effective property tax rate to other counties in Texas and the national median. For comparison, the 75458 zip code has the highest median property tax rate of 0.74%, while the 75458 zip code has the lowest median tax rate of 0.74%. Understanding how these cities compare with MERIT provides valuable insights into the varying tax landscape across Hunt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Merit Tax Rate
0.74%
Average Hunt County Tax Rate
1.69%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Merit, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75458 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
$1,148
Average Merit Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Merit, Texas
In MERIT, 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 Hunt 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. Assessment notices in MERIT 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 MERIT helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest and lowest median tax bills in MERIT are both found in the 75458 zip code, each amounting to $3,548.
Average Merit Assessed Value
$479,190
Average Hunt County Assessed Value
$198,210
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Merit, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75458 | $479,190 | $479,190 | $479,190 | $479,190 | $479,190 |
Source: Ownwell
$1,148
Average Merit Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Merit, Texas
In MERIT, Hunt County, TX, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in MERIT is $479,190, and the property tax rate in Hunt County is in line with the national median of 0.99%. This means homeowners can expect to pay around $4,748 annually in property taxes. Factors such as property improvements, neighborhood developments, and market fluctuations can influence the assessed value, subsequently affecting your tax bill. Homeowners in MERIT often face property tax bills around $3,548, regardless of their home's value, as seen in the consistent figures across different percentiles. This uniformity suggests a stable assessment system but doesn’t account for potential over-assessments. Ownwell offers a solution by providing property tax appeal and exemption services. Our experts review your property’s assessed value, identify discrepancies, and work to reduce your tax bill. By leveraging our services, homeowners can potentially save hundreds or even thousands of dollars annually.
Average Merit Tax Bill
$3,548
Average Hunt County Tax Bill
$3,228
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Merit, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75458 | $3,548 | $3,548 | $3,548 | $3,548 | $3,548 |
Source: Ownwell
$1,148
Average Merit Tax Savings
Save on your property taxes & more with 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 | |
|---|---|
| Hunt Appraisal District | |
| Website | esearch.hunt-cad.org |
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