Average Tax Assessment in Mitchell County

Mitchell County has a total of 3,532 properties, with a cumulative value of $268.5M. This represents 0.01% of all real estate value in Texas. Property taxes in Mitchell County totaled $5.0M, with an average homeowner paying $1,446 in property taxes, which is significantly lower than the state average of $4,015. The average property tax rate in Mitchell County is 1.87%, slightly higher than the state average of 1.69%. Property taxes are typically based on the assessed value of the property, which is usually 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.

Mitchell County has an average property tax rate of 1.87%, which is slightly lower than the state average of 1.90%. This rate is applied to the assessed value of a property to calculate the amount of taxes due. Property taxes in Mitchell County are collected by the county and distributed to the cities and other local governments.

The effective property tax rate in Mitchell County varies across the cities, with Colorado City having the highest rate at 1.96% and Loraine having the lowest rate at 1.57%. This means that property owners in Colorado City will pay more in taxes than those in Loraine. Property taxes are an important source of revenue for local governments, and the differences in rates across the cities can have a significant impact on the amount of money collected.

The data from Redfin shows that the median home price in Mitchell County has not changed from October 2022 to October 2023. However, the home inventory in Mitchell County has decreased from 35 in October 2022 to 24 in October 2023. This suggests that the demand for homes in Mitchell County has increased, leading to a decrease in the number of homes available for sale. This trend is consistent with the overall trend in Texas, where home prices have been steadily increasing due to high demand.

Mortgages in Mitchell County are a significant part of the local economy, with a total of $52.7M in outstanding loans. This represents 658 outstanding loans, or approximately 6.5% of the total home value in the county. The median mortgage rate in Mitchell County varies across cities, with Loraine having the highest rate at 4.15%, and Colorado City having the lowest rate at 4.12%. This small variation in rates across cities can make a big difference in the overall cost of a loan, and it is important for potential borrowers to shop around to find the best rate.

Overall, mortgages in Mitchell County are an important part of the local economy, and it is important for potential borrowers to understand the variation in rates across cities. Shopping around for the best rate can help borrowers save money in the long run, and it is important to compare rates to ensure that you are getting the best deal possible.