Hamilton, Texas Property Taxes
The median property tax rate in Hamilton, TX is 1.39%, which is significantly higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With the median home value in Hamilton at $143,075, the typical annual property tax bill amounts to $1,658, falling below the national median of $2,690. Property taxes in Hamilton are calculated based on the assessed value, which usually is less than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Hamilton'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 Hamilton or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hamilton, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
Ownwell’s Hamilton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hamilton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hamilton 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 Hamilton, Texas
Property taxes in Hamilton, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hamilton is 1.39%, higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Hamilton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hamilton 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 Hamilton's effective property tax rate to other counties in Texas and the national median. For comparison, the 76531 zip code has the highest median property tax rate of 1.39%, while the same zip code also has the lowest median tax rate of 1.39%. Understanding how these cities compare with Hamilton provides valuable insights into the varying tax landscape across Mills County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hamilton Tax Rate
1.39%
Average Mills County Tax Rate
1.41%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hamilton, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76531 | 0.71% | 1.31% | 1.39% | 1.42% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Hamilton, Texas
In Hamilton, 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 Mills 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 Hamilton, 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. Being aware of these valuation processes in Hamilton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 76531, at $1658, while the zip code with the lowest median tax bill is also 76531, at $1658.
Average Hamilton Assessed Value
$143,075
Average Mills County Assessed Value
$100,465
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hamilton, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76531 | $82,380 | $114,812 | $143,075 | $178,860 | $758,990 |
Source: Ownwell
Property Tax Bills Across Hamilton, Texas
In Hamilton, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county's appraisal district, which evaluates properties to establish their market value. This value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Hamilton can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is $1,503, while the 75th percentile reaches $2,190, and the 90th percentile can be as high as $2,435. These property taxes fund essential local services such as schools, emergency services, and infrastructure. Compared to the national median property tax rate of 0.99%, Hamilton's property tax rates can result in a considerable financial commitment for homeowners, impacting their overall cost of living and homeownership affordability.
Average Hamilton Tax Bill
$1,658
Average Mills County Tax Bill
$1,261
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Hamilton, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76531 | $1,118 | $1,503 | $1,658 | $2,190 | $2,435 |
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 | |
|---|---|
| Mills Appraisal District | |
| Website | esearch.millscad.org |