Murchison, Texas Property Taxes
The median property tax rate in Murchison, TX is 1.09%, slightly higher than the national median of 0.99%, but lower than the Texas state median of 1.67%. With a median home value of $118,380 in Murchison, the typical annual property tax bill is $668, which is significantly below the national median of $2,690. Property taxes in Murchison are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Murchison'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 Murchison 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
Murchison, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$1,290
$1,197
$1,148
Average Tax Savings
Ownwell’s Murchison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Murchison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Murchison to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Murchison. 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 Murchison, Texas
Property taxes in Murchison, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Murchison is 1.09%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Murchison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Murchison 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 Murchison's effective property tax rate to other counties in Texas and the national median. For comparison, the 75778 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Murchison provides valuable insights into the varying tax landscape across Van Zandt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Murchison Tax Rate
1.09%
Average Van Zandt County Tax Rate
0.90%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Murchison, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75778 | 0.16% | 0.27% | 1.09% | 1.41% | 1.61% |
Source: Ownwell
$1,148
Average Murchison Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Murchison, Texas
In Murchison, 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 Van Zandt 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 Murchison, 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 Murchison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 75778 has the highest median tax bill at $668, while the lowest median tax bill is also $668.
Average Murchison Assessed Value
$118,380
Average Van Zandt County Assessed Value
$183,735
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Murchison, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75778 | $19,332 | $54,420 | $118,380 | $209,368 | $338,375 |
Source: Ownwell
$1,148
Average Murchison Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Murchison, Texas
Property tax bills in Murchison, Van Zandt County, TX, are calculated based on the assessed value of a property and the local tax rate. The median home price in Murchison stands at $118,380. Homeowners can expect tax bills ranging from the 25th percentile at $244 to the 75th percentile at $1,732, with the 90th percentile reaching up to $3,399. These figures are influenced by the property's assessed value, which is determined by the county appraisal district, and the local tax rate. For homeowners, these taxes can significantly impact annual expenses. Ownwell offers property tax appeal and exemption services to help reduce these burdens. By analyzing your property's assessed value and comparing it with similar properties, Ownwell identifies discrepancies and files appeals on your behalf. This can result in substantial savings, ensuring you don't overpay on your property taxes. With Ownwell's expertise, homeowners in Murchison can achieve a fairer tax bill and potentially save hundreds or even thousands of dollars annually.
Average Murchison Tax Bill
$668
Average Van Zandt County Tax Bill
$1,296
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Murchison, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75778 | $126 | $244 | $668 | $1,732 | $3,399 |
Source: Ownwell
$1,148
Average Murchison Tax Savings
Save on your property taxes & more with 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 | |
|---|---|
| Van Zandt Appraisal District | |
| Website | esearch.vzcad.org |
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