Average Tax Assessment in Mitchell County
Real Estate Values and Property Tax Valuation in Mitchell County, Texas
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.
Updated November 01, 2023
Important Links | |
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Mitchell Appraisal District | (325) 728-5028 |
Mitchell Clerk | (325) 728-3481 |
TexasFile Clerk Records | - |
Mitchell Register of Deeds | (785) 738-3854 |
Important Dates | |
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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 | |
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Early Payment Discount | |
Senior | Available |
Disabled | Available |
Homestead | Available |
Veteran | Available |
Solar/Wind | Available |
Charitable | Available |
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Real Estate Statistics in Mitchell County
Residential Property Taxes by Cities in Mitchell County
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.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Mitchell 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 |
---|---|---|---|---|---|
Colorado City | $13,213 | $27,817 | $48,811 | $89,789 | $162,673 |
Loraine | $8,603 | $22,476 | $43,692 | $93,350 | $217,155 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in Mitchell County.
City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
Colorado City | $268 | $582 | $1,061 | $1,873 | $3,284 |
Loraine | $171 | $417 | $913 | $1,737 | $3,120 |
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.
City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
Colorado City | 2.03% | 2.09% | 2.17% | 2.09% | 2.02% |
Loraine | 1.99% | 1.86% | 2.09% | 1.86% | 1.44% |
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Real Estate Values in Mitchell County
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.
Average Home Value in Mitchell County, Texas
Last updated: November 2023
Percent Change in Total Home Sales in Mitchell County
Last updated: November 2023
Percent Change in New Home Listings in Mitchell County
Last updated: November 2023
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Mortgage Rates in Mitchell County
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.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Mitchell County by city.
City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
Colorado City | $18,171 | $33,948 | $58,898 | $112,339 | $164,729 |
Loraine | $11,478 | $19,544 | $38,319 | $67,548 | $118,823 |
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Mitchell County.
City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
Colorado City | 3.00% | 3.48% | 4.12% | 4.70% | 5.68% |
Loraine | 3.10% | 3.61% | 4.15% | 4.57% | 5.83% |
Housing Expenses in Mitchell County, Texas
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