Average Tax Assessment in Milam County
Real Estate Values and Property Tax Valuation in Milam County, Texas
Milam County has a total of 10,806 properties with a cumulative value of $1.7B. This represents 0.08% of all real estate value in Texas. Property taxes in Milam County amount to $17.7M, with an average homeowner paying $1,696 in property taxes compared to the state average of $4,015. The average property tax rate in Milam County is 1.07%, lower than the state average of 1.69%. Property taxes are calculated based on the assessed value of the property, which is typically lower than the market value.
The property tax timeline in Texas begins on January 1st, when the property valuation date is set. Property value notices are issued between April and May, and the property tax appeal deadline is May 15th or 30 days after the notices are issued. The real property tax bill is due on January 31st for the preceding year's gross tax bills.
Updated November 01, 2023
| Important Links | |
|---|---|
| Milam Appraisal District | (254) 697-6638 |
| Milam Tax Assessor/Collector | (254) 697-7017 |
| TexasFile Clerk Records | - |
| Important Dates | |
|---|---|
| Real Property Tax Bill Due (1st of #): | January 31st, Gross tax bills for preceding year |
| Property Valuation Date: | January 1st |
| Property Value Notices Issued: | April - May |
| Property Tax Appeal Deadline: | May 15th or 30 days after notices are issued |
| Property Tax Bills Issued: | October 1st |
| Available Exemptions | |
|---|---|
| Early Payment Discount | |
| Senior | Available |
| Disabled | Available |
| Homestead | Available |
| Veteran | Available |
| Solar/Wind | Available |
| Charitable | Available |
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Real Estate Statistics in Milam County
Residential Property Taxes by Cities in Milam County
Milam County has an average property tax rate of 1.07%, which is slightly lower than the state average of 1.17%. This rate is applied to the assessed value of a property to calculate the amount of taxes due. The average Milam County property tax bill is estimated to be $1,696. Property tax rates vary across the cities in Milam County, with Rockdale having the highest effective property tax rate of 1.38%, and Gause having the lowest effective property tax rate of 0.68%. This means that property owners in Rockdale will pay more in taxes than those in Gause. Overall, Milam County has a relatively low property tax rate compared to other counties in Texas, making it an attractive option for those looking to purchase property in the area.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Milam County. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Buckholts | $9,134 | $27,025 | $69,280 | $214,980 | $451,004 |
| Cameron | $15,149 | $39,198 | $87,700 | $151,250 | $299,003 |
| Gause | $10,403 | $26,800 | $83,220 | $295,428 | $535,448 |
| Milano | $9,382 | $27,630 | $80,150 | $202,430 | $402,368 |
| Rockdale | $12,362 | $35,550 | $90,040 | $168,075 | $288,238 |
| Thorndale | $20,302 | $48,050 | $123,870 | $277,785 | $454,226 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in Milam County.
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
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Real Estate Values in Milam County
The data from Redfin shows that the median home price in Milam County, Texas decreased by 25.26% from October 2022 to October 2023. This indicates that the housing market in Milam County is cooling off, as the median home price has dropped significantly in a year's time. Additionally, the home inventory in Milam County decreased by 7 homes from October 2022 to October 2023, indicating that there is less housing available for sale in the area. This could be due to a decrease in demand for housing in the area, or a decrease in the number of homes being built.
Average Home Value in Milam County, Texas
Last updated: November 2023
Percent Change in Total Home Sales in Milam County
Last updated: November 2023
Percent Change in New Home Listings in Milam County
Last updated: November 2023
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Mortgage Rates in Milam County
Milam County has a total of $248.9 million in outstanding home mortgage loans. This represents 2,200 individual loans, which is a significant amount of money for the county. The median mortgage rate in Milam County is 4.19%, which is slightly higher than the national average of 4.14%. However, there is a significant variation in mortgage rates across the county, with the highest median rate being 4.28% in Buckholts and the lowest being 4.09% in Cameron. This variation in rates can have a significant impact on the total amount of money that borrowers will pay over the life of their loan. On average, borrowers in Milam County can expect to pay around 10% of their total home value in mortgage payments over the life of their loan.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Milam County by city.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Buckholts | $7,873 | $24,179 | $64,471 | $144,809 | $211,335 |
| Cameron | $16,292 | $32,595 | $64,416 | $131,550 | $201,565 |
| Gause | $20,845 | $35,979 | $56,884 | $168,090 | $358,533 |
| Milano | $22,813 | $45,348 | $97,315 | $152,290 | $263,623 |
| Rockdale | $18,672 | $40,415 | $84,943 | $146,701 | $246,054 |
| Thorndale | $28,001 | $55,560 | $116,154 | $202,336 | $292,906 |
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Milam County.
Housing Expenses in Milam County, Texas
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