Mineral Wells, Texas Property Taxes
The median property tax rate in Mineral Wells, TX is 1.80%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Mineral Wells at $122,600, the typical annual property tax bill reaches $2,186, slightly below the national median of $2,690. Property taxes in Mineral Wells 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 Mineral Wells' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Mineral Wells 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
Mineral Wells, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$2,207
$2,048
Ownwell’s Mineral Wells Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mineral Wells with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mineral Wells 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 Mineral Wells, Texas
Property taxes in Mineral Wells, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mineral Wells is 1.80%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Mineral Wells set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mineral Wells 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 Mineral Wells' effective property tax rate to other counties in Texas and the national median. For comparison, the 76067 zip code has the highest median property tax rate of 1.80%, while the 76067 zip code has the lowest median tax rate of 1.80%. Understanding how these cities compare with Mineral Wells provides valuable insights into the varying tax landscape across Palo Pinto County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mineral Wells Tax Rate
1.80%
Average Palo Pinto County Tax Rate
1.57%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mineral Wells, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76067 | 1.25% | 1.55% | 1.80% | 2.27% | 2.27% |
Source: Ownwell
Property Tax Assessment Values Across Mineral Wells, Texas
In Mineral Wells, 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 Palo Pinto 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 Mineral Wells, 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 Mineral Wells is $122,600, with tax bills ranging from $1,176 at the 25th percentile to $5,297 at the 90th percentile. The zip code 76067 has both the highest and lowest median tax bill at $2,186. Being aware of these valuation processes in Mineral Wells helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mineral Wells Assessed Value
$122,600
Average Palo Pinto County Assessed Value
$144,560
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mineral Wells, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76067 | $31,986 | $66,420 | $122,600 | $200,670 | $291,106 |
Source: Ownwell
Property Tax Bills Across Mineral Wells, Texas
In Mineral Wells, located in Palo Pinto County, TX, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county appraisal district and reflects the market value of the property. Homeowners in Mineral Wells can expect their property tax bills to vary widely, with the 25th percentile tax bill at $1,176 and the 75th percentile reaching $3,711. The 90th percentile tax bill can go as high as $5,297. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. For instance, exemptions for homesteads, seniors, or veterans can significantly reduce the tax burden. The median home price in Mineral Wells is $122,600, which serves as a baseline for many tax assessments. Compared to the national median property tax rate of 0.99%, homeowners in Mineral Wells may find their tax rates competitive, but the actual amount owed can vary significantly based on the specific characteristics and assessed value of their property.
Average Mineral Wells Tax Bill
$2,186
Average Palo Pinto County Tax Bill
$2,369
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Mineral Wells, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76067 | $617 | $1,176 | $2,186 | $3,711 | $5,297 |
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 | |
|---|---|
| Palo Pinto Appraisal District | |
| Website | iswdataclient.azurewebsites.net |