Miles, Texas Property Taxes
The median property tax rate in Miles, TX is 1.96%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Miles at $80,295, the typical annual property tax bill reaches $1,483, which is below the national median of $2,690. Property taxes in Miles are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Miles' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Miles 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
Miles, 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 MILES Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MILES with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MILES 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 Miles, Texas
Property taxes in Miles, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Miles is 1.96%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Miles set these rates annually, and they can vary significantly across different neighborhoods. Each year, Miles 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 Miles's effective property tax rate to other counties in Texas and the national median. For comparison, the 76861 zip code has the highest median property tax rate of 1.96%, while the 76861 zip code also has the lowest median tax rate of 1.96%. Understanding how these cities compare with Miles provides valuable insights into the varying tax landscape across Runnels County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Miles Tax Rate
1.96%
Average Runnels County Tax Rate
2.12%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Miles, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76861 | 1.68% | 1.86% | 1.96% | 1.96% | 1.96% |
Source: Ownwell
Property Tax Assessment Values Across Miles, Texas
In MILES, 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 Runnels 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 MILES, 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. The average tax bill in MILES ranges from $869 at the 25th percentile to $4,360 at the 90th percentile, with the highest median tax bill of $1,483 found in zip code 76861. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Miles Assessed Value
$80,295
Average Runnels County Assessed Value
$72,550
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Miles, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76861 | $18,380 | $46,325 | $80,295 | $138,065 | $232,245 |
Source: Ownwell
Property Tax Bills Across Miles, Texas
In the city of Miles, located in Runnels County, 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 appraisal district, which evaluates properties to reflect their market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Homeowners in Miles experience varying tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is approximately $869, while the 75th percentile tax bill can reach up to $2,519. Those at the 90th percentile might see tax bills as high as $4,360. With a median home price of $80,295, the property tax rate in this area can significantly impact a homeowner's finances. Comparatively, the median property tax rate in Miles aligns closely with the national median property tax rate of 0.99%, providing a benchmark for understanding local tax burdens. Homeowners should be aware of these factors as they directly influence their annual financial obligations.
Average Miles Tax Bill
$1,483
Average Runnels County Tax Bill
$1,423
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Miles, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76861 | $354 | $869 | $1,483 | $2,519 | $4,360 |
Source: Ownwell