Lott, Texas Property Taxes
The median property tax rate in Lott, TX is 1.67%, which aligns with the Texas state median but is significantly higher than the national median of 0.99%. With a median home value of $90,945 in Lott, the typical annual property tax bill amounts to $1,454, falling below the national median of $2,690. Property taxes in Lott are determined based on the tax assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. By understanding Lott's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're situated in the core of Lott or its surrounding areas, gaining insight into the local property tax system is crucial for financial planning and investment strategies.
Last Updated June 14, 2024
Lott, 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 Lott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lott 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 Lott, Texas
Property taxes in Lott, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lott is 1.67%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Lott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lott 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 Lott's effective property tax rate to other counties in Texas and the national median. For comparison, the 76656 zip code has the highest median property tax rate of 1.67%, while the 76656 zip code also has the lowest median tax rate of 1.67%. Understanding how these cities compare with Lott provides valuable insights into the varying tax landscape across Falls County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lott Tax Rate
1.67%
Average Falls County Tax Rate
2.22%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lott, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76656 | 0.71% | 1.30% | 1.67% | 1.99% | 2.33% |
Source: Ownwell
Property Tax Assessment Values Across Lott, Texas
In Lott, 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 Falls 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 Lott, 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. For instance, the median home price in Lott is $90,945, with tax bills ranging from $707 at the 25th percentile to $4,059 at the 90th percentile. The zip code 76656 has the highest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lott Assessed Value
$90,945
Average Falls County Assessed Value
$76,900
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lott, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76656 | $20,800 | $47,732 | $90,945 | $187,280 | $353,504 |
Source: Ownwell
Property Tax Bills Across Lott, Texas
Property tax bills in Lott, Falls County, TX, are calculated based on the assessed value of a property and the local tax rate. The median home price in Lott is $90,945, which serves as a baseline for tax calculations. The tax bill is determined by multiplying the assessed value by the applicable tax rate. Factors such as property location, improvements, and market conditions influence the assessed value. For homeowners in Lott, property tax bills can vary significantly. The 25th percentile tax bill is $707, while the 75th percentile reaches $2,527, and the 90th percentile can be as high as $4,059. Comparatively, the national median property tax rate is 0.99%, highlighting regional differences. These tax bills impact homeowners' budgets, influencing decisions on property investments and long-term financial planning. In Falls County, the highest and lowest median tax bills are both $1,454, indicating some consistency within the area. Understanding these factors helps homeowners anticipate and manage their property tax obligations effectively.
Average Lott Tax Bill
$1,454
Average Falls County Tax Bill
$1,609
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lott, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76656 | $345 | $707 | $1,454 | $2,527 | $4,059 |
Source: Ownwell