Kermit, Texas Property Taxes
The median property tax rate in Kermit, TX is 1.62%, which is higher than the national median of 0.99% but slightly below the Texas state median of 1.67%. With the median home value in Kermit at $52,250, the typical annual property tax bill is $679, significantly lower than the national median of $2,690. Property taxes in Kermit are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Kermit's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Kermit 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
Kermit, 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 Kermit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kermit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kermit 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 Kermit, Texas
Property taxes in Kermit, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kermit is 1.62%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Kermit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kermit 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 Kermit's effective property tax rate to other counties in Texas and the national median. For comparison, the 79745 zip code has the highest median property tax rate of 1.62%, while the same zip code also has the lowest median tax rate of 1.62%. Understanding how these cities compare with Kermit provides valuable insights into the varying tax landscape across Winkler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kermit Tax Rate
1.62%
Average Winkler County Tax Rate
1.22%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kermit, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79745 | 0.51% | 0.86% | 1.62% | 2.31% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Kermit, Texas
In Kermit, 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 Winkler 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 Kermit, 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. The median home price in Kermit is $52,250, and property tax bills can range significantly. For instance, the 25th percentile tax bill is $321, while the 75th percentile tax bill is $1,182, and the 90th percentile tax bill can reach up to $1,830. 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 Kermit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kermit Assessed Value
$52,250
Average Winkler County Assessed Value
$51,215
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kermit, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79745 | $8,160 | $27,740 | $52,250 | $87,965 | $134,278 |
Source: Ownwell
Property Tax Bills Across Kermit, Texas
In Kermit, located in Winkler County, TX, property tax bills are determined by assessing the value of a property and applying the relevant tax rate. The median home price in Kermit is $52,250. The assessed value of a property is based on this market value, which is then multiplied by the local tax rate to calculate the tax bill. For homeowners in Kermit, property tax bills can vary significantly. The 25th percentile tax bill is $321, while the 75th percentile reaches $1,182, and the 90th percentile can be as high as $1,830. These figures illustrate the range of property tax burdens within the city. The highest and lowest median tax bills in Kermit are both $679, indicating some uniformity in tax assessments. Compared to the national median property tax rate of 0.99%, Kermit's property tax rates can result in relatively modest tax bills, contributing to the overall affordability of homeownership in the area. This variation in tax bills is influenced by the assessed property values and the specific tax rates applied, impacting how much homeowners ultimately pay.
Average Kermit Tax Bill
$679
Average Winkler County Tax Bill
$557
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Kermit, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79745 | $133 | $321 | $679 | $1,182 | $1,830 |
Source: Ownwell