Midland, Martin County, Texas Property Taxes
The median property tax rate in Midland, TX is 0.22%, significantly lower than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Midland, the typical annual property tax bill is $275, far below the national median of $2,690. Property taxes in Midland are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Midland'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 Midland 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
Midland, Martin County, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.22%
Estimate Property Tax Bill
$241
$224
Ownwell’s Midland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midland 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 Midland, Martin County, Texas
Property taxes in Midland, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Midland is 1.34%, higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Midland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midland 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 Midland's effective property tax rate to other counties in Texas and the national median. For comparison, the 75067 zip code has the highest median property tax rate of 2.51%, while the 79782 zip code has the lowest median tax rate of 0.22%. Understanding how these cities compare with Midland provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midland Tax Rate
0.22%
Average Martin County Tax Rate
0.22%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midland, Martin County, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79705 | 0.19% | 0.22% | 0.22% | 0.28% | 0.28% |
Source: Ownwell
Property Tax Assessment Values Across Midland, Martin County, Texas
In Midland, 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 Martin 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 Midland 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 Midland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the 79705 zip code is $271.00, while the lowest median tax bill is also in the 79705 zip code at $271.00.
Property Tax Assessment Values Across Midland, Martin County, Texas
Source: Ownwell
$58,940
$91,260
$123,580
Average Midland Assessed Value
$109,670
Average Martin County Assessed Value
$66,090
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Midland, Martin County, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79705 | $35,697 | $66,900 | $108,165 | $306,185 | $500,799 |
Source: Ownwell
Property Tax Bills Across Midland, Martin County, Texas
In Midland, located in Martin County, TX, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local tax assessor and reflects the market value of the home. Once the property’s value is assessed, the local tax rate is applied to this value to calculate the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. For instance, Midland's median home price is $109,670, and tax bills can vary significantly. Homeowners in the 25th percentile might pay around $167 annually, while those in the 75th percentile could see bills around $635. At the 90th percentile, tax bills can reach up to $1108. Compared to the national median property tax rate of 0.99%, Midland offers relatively affordable property taxes. This affordability can be beneficial for homeowners, making it a more attractive place to live while still providing essential public services funded by these taxes.
Average Midland Tax Bill
$275
Average Martin County Tax Bill
$154
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Midland, Martin County, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79705 | $94 | $165 | $271 | $638 | $1,111 |
Source: Ownwell