Midkiff, Texas Property Taxes
The median property tax rate in Midkiff, TX is 1.14%, slightly above the national median of 0.99% but below the Texas state median of 1.67%. With a median home value of $101,421, the typical annual property tax bill in Midkiff is $930, which is significantly lower than the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Midkiff'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 Midkiff 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
Midkiff, 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 Midkiff Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midkiff with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midkiff 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 Midkiff, Texas
Property taxes in Midkiff, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Midkiff is 1.14%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Midkiff set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midkiff 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 Midkiff's effective property tax rate to other counties in Texas and the national median. For comparison, the 79755 zip code has the highest median property tax rate of 1.14%, while the 79755 zip code has the lowest median tax rate of 1.14%. Understanding how these cities compare with Midkiff provides valuable insights into the varying tax landscape across Upton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midkiff Tax Rate
1.14%
Average Upton County Tax Rate
1.73%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midkiff, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79755 | 0.45% | 0.58% | 1.14% | 1.49% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Midkiff, Texas
In Midkiff, 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 Upton 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. 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 Midkiff helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 79755 has the highest median tax bill at $930, which is also the lowest median tax bill in the area.
Average Midkiff Assessed Value
$101,421
Average Upton County Assessed Value
$35,464
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Midkiff, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79755 | $19,480 | $55,475 | $101,421 | $177,684 | $464,160 |
Source: Ownwell
Property Tax Bills Across Midkiff, Texas
In Midkiff, located in Upton 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 is meant to reflect the market value of the property. Tax rates are applied to this assessed value to compute the total tax bill. These rates can vary depending on local government budgets and voter-approved measures. Homeowners in Midkiff see a range of property tax bills. The 25th percentile tax bill is around $537, while the 75th percentile reaches up to $1,744, and at the 90th percentile, homeowners might pay as much as $3,409. The median home price in the area is $101,421, which influences the overall tax burden. Comparing this to the national median property tax rate of 0.99%, homeowners in Midkiff experience a relatively moderate tax burden. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Midkiff Tax Bill
$930
Average Upton County Tax Bill
$442
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Midkiff, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79755 | $238 | $537 | $930 | $1,744 | $3,409 |
Source: Ownwell