Midway, Texas Property Taxes
The median property tax rate in Midway, TX is 0.71%, which is significantly lower than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $159,660 in Midway, the typical annual property tax bill amounts to $961, well below the national median of $2,690. Property taxes in Midway are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Midway's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Midway or another part of Madison County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Midway, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,134
$1,052
Ownwell’s Midway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midway 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 Midway, Texas
Property taxes in Midway, Texas, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Midway is 0.71%, lower than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Midway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midway 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 Midway's effective property tax rate to other counties in Texas and the national median. For comparison, the 75852 zip code has both the highest and lowest median property tax rate of 0.71%. Understanding how these cities compare with Midway provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midway Tax Rate
0.71%
Average Madison County Tax Rate
0.95%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midway, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75852 | 0.13% | 0.34% | 0.71% | 1.41% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Midway, Texas
In Midway, Texas, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Madison 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 Midway, 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. For example, the median home price in Midway is $159,660, with tax bills ranging from $338 at the 25th percentile to $4,024 at the 90th percentile. The zip code 75852 has both the highest and lowest median tax bill at $961. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Midway Assessed Value
$159,660
Average Madison County Assessed Value
$154,920
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Midway, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75852 | $20,358 | $53,995 | $159,660 | $390,680 | $745,940 |
Source: Ownwell
Property Tax Bills Across Midway, Texas
Property tax bills in Midway, located in Madison County, TX, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county appraisal district, which evaluates the property's market value. This assessed value is then multiplied by the local property tax rate to determine the tax bill. Several factors influence the total tax bill, including the property's market value, local tax rates, and any applicable exemptions. For example, the median home price in Midway is $159,660, and property tax bills can vary widely. At the 25th percentile, homeowners might pay around $338, while those at the 75th percentile could see bills as high as $2,169. In some cases, tax bills can reach up to $4,024 at the 90th percentile. These property taxes significantly impact homeowners, as they represent a recurring expense that must be budgeted for annually. Compared to the national median property tax rate of 0.99%, the rates in Midway can fluctuate, affecting overall affordability and financial planning for residents.
Average Midway Tax Bill
$961
Average Madison County Tax Bill
$1,166
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Midway, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75852 | $156 | $338 | $961 | $2,169 | $4,024 |
Source: Ownwell