Tokio, Texas Property Taxes
The median property tax rate in Tokio, TX is 1.24%, which is considerably higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With the median home value in Tokio at $33,991, the typical annual property tax bill reaches $608, which is significantly lower than the national median of $2,690. Property taxes in Tokio are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tokio'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 Tokio or another part of Terry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tokio, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$421
$391
Ownwell’s Tokio Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tokio with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tokio 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 Tokio, Texas
Property taxes in Tokio, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tokio is 1.24%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Tokio set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tokio 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 Tokio's effective property tax rate to other counties in Texas and the national median. For comparison, the 79376 zip code has the highest median property tax rate of 1.24%, while the same zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with Tokio provides valuable insights into the varying tax landscape across Terry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tokio Tax Rate
1.24%
Average Terry County Tax Rate
2.37%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tokio, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79376 | 0.49% | 0.77% | 1.24% | 1.51% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Tokio, Texas
In TOKIO, 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 Terry 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 TOKIO, 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 median home price in TOKIO is $33,991, with tax bills varying significantly. For example, the 25th percentile tax bill is $332, while the 75th percentile tax bill reaches $6,649. Being aware of these valuation processes in TOKIO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tokio Assessed Value
$33,991
Average Terry County Assessed Value
$43,944
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tokio, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79376 | $21,285 | $26,050 | $33,991 | $530,046 | $827,678 |
Source: Ownwell
Property Tax Bills Across Tokio, Texas
In Tokio, located in Terry County, TX, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county appraisal district and reflects the market value of the property. The local tax rate, which is applied to the assessed value, is set by various taxing entities such as schools, cities, and special districts. Several factors influence the final tax bill, including property location, size, and market conditions. For example, a median home in Tokio, valued at $33,991, can expect a property tax bill ranging from $332 at the 25th percentile to $10,273 at the 90th percentile. The highest and lowest median tax bills in the area are both $608, indicating some consistency in tax assessments within certain zip codes. These property taxes significantly impact homeowners, influencing their monthly budgets and overall financial planning. High property taxes can be a burden, while lower taxes may offer some relief, making homeownership more affordable and attractive in Tokio.
Average Tokio Tax Bill
$608
Average Terry County Tax Bill
$844
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Tokio, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79376 | $166 | $332 | $608 | $6,649 | $10,273 |
Source: Ownwell