Mico, Texas Property Taxes
The median property tax rate in MICO, TX is 1.56%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in MICO, the typical annual property tax bill reaches $3,964, exceeding the national median of $2,690. Property taxes in MICO 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 MICO'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 MICO 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
Mico, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$6,017
$5,583
Ownwell’s MICO Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in MICO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MICO 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 Mico, Texas
Property taxes in MICO, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MICO is 1.56%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within MICO set these rates annually, and they can vary significantly across different neighborhoods. Each year, MICO 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 MICO's effective property tax rate to other counties in Texas and the national median. For comparison, the 78056 zip code has the highest median property tax rate of 1.56%, while the 78056 zip code has the lowest median tax rate of 1.56%. Understanding how these cities compare with MICO provides valuable insights into the varying tax landscape across Medina County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mico Tax Rate
1.56%
Average Medina County Tax Rate
1.52%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mico, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78056 | 0.53% | 1.02% | 1.56% | 1.99% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Mico, Texas
In MICO, 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 Medina 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 MICO, 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 MICO is $385,675, with the 25th percentile tax bill at $2,062 and the 75th percentile tax bill at $7,281. The highest median tax bill is $3,964 in zip code 78056, which also has the lowest median 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 MICO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mico Assessed Value
$385,675
Average Medina County Assessed Value
$140,520
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mico, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78056 | $70,803 | $165,308 | $385,675 | $533,648 | $650,976 |
Source: Ownwell
Property Tax Bills Across Mico, Texas
In MICO, situated in Medina County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local appraisal district. This assessed value is then multiplied by the local tax rate to arrive at the annual property tax bill. The median home price in MICO is $385,675, and the property tax rate in Medina County is higher than the national median of 0.99%, which significantly impacts homeowners. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. For instance, the 25th percentile tax bill in MICO is $2,062, while the 75th percentile reaches $7,281, and the 90th percentile can be as high as $9,778. This variation illustrates how different factors, such as property value and exemptions, can affect the final tax bill. Homeowners in MICO can expect their property taxes to be a substantial part of their annual expenses, impacting financial planning and budgeting.
Average Mico Tax Bill
$3,964
Average Medina County Tax Bill
$1,930
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Mico, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78056 | $776 | $2,062 | $3,964 | $7,281 | $9,778 |
Source: 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 | |
|---|---|
| Medina Appraisal District | |
| Website | esearch.medinacad.org |