Lockney, Texas Property Taxes
The median property tax rate in Lockney, TX is 2.84%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Lockney, the typical annual property tax bill reaches $1,058, exceeding the national median of $2,690. Property taxes in Lockney are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lockney's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lockney 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
Lockney, 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 LOCKNEY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LOCKNEY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LOCKNEY 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 Lockney, Texas
Property taxes in Lockney, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lockney is 2.84%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Lockney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lockney 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 Lockney's effective property tax rate to other counties in Texas and the national median. For comparison, the 79241 zip code has the highest median property tax rate of 2.84%, while the 79241 zip code has the lowest median tax rate of 2.84%. Understanding how these cities compare with Lockney provides valuable insights into the varying tax landscape across Floyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lockney Tax Rate
2.84%
Average Floyd County Tax Rate
2.66%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lockney, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79241 | 2.24% | 2.72% | 2.84% | 2.84% | 2.84% |
Source: Ownwell
Property Tax Assessment Values Across Lockney, Texas
In Lockney, 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 Floyd 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 Lockney, 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. Being aware of these valuation processes in Lockney helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, in the zip code 79241, the median tax bill is $1058, highlighting the importance of understanding these values.
Average Lockney Assessed Value
$40,590
Average Floyd County Assessed Value
$41,590
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lockney, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79241 | $7,810 | $22,150 | $40,590 | $71,410 | $110,370 |
Source: Ownwell
Property Tax Bills Across Lockney, Texas
Property tax bills in Lockney, located in Floyd County, TX, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county appraisal district and is intended to reflect the market value of the property. For homeowners in Lockney, the median home price is $40,590, which serves as a baseline for tax calculations. The tax bill can vary significantly depending on the property's value and the specific tax rate applied. For instance, the 25th percentile tax bill is $578, while the 75th percentile tax bill is $1,873, and the 90th percentile tax bill can reach up to $2,870. These variations highlight how different factors, like property improvements and neighborhood changes, can influence tax amounts. Compared to the national median property tax rate of 0.99%, Lockney's property tax bills reflect the local economic conditions and property values. Understanding these details helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Lockney Tax Bill
$1,058
Average Floyd County Tax Bill
$983
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lockney, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79241 | $210 | $578 | $1,058 | $1,873 | $2,870 |
Source: Ownwell