Lubbock, Texas Property Taxes
The median property tax rate in Lubbock, TX is 1.48%, considerably higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $86,820 in Lubbock, the typical annual property tax bill reaches $1,013, which is below the national median of $2,690. Property taxes in Lubbock are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lubbock'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 Lubbock 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
Lubbock, 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 Lubbock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lubbock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lubbock 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 Lubbock, Texas
Property taxes in Lubbock, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lubbock is 1.48%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Lubbock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lubbock 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 Lubbock's effective property tax rate to other counties in Texas and the national median. For comparison, the 79424 zip code has the highest median property tax rate of 1.62%, while the 79416 zip code has the lowest median tax rate of 0.44%. Understanding how these cities compare with Lubbock provides valuable insights into the varying tax landscape across Hockley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lubbock Tax Rate
1.48%
Average Hockley County Tax Rate
2.18%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lubbock, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79407 | 0.86% | 1.15% | 1.48% | 1.53% | 1.53% |
| 79416 | 0.44% | 0.44% | 0.44% | 0.44% | 0.44% |
| 79424 | 1.62% | 1.62% | 1.62% | 1.62% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Lubbock, Texas
In Lubbock, 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 local 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. 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 Lubbock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lubbock, the zip code with the highest median tax bill is 79407 at $1,017.00, while the lowest median tax bill is in zip code 79424 at $994.00.
Average Lubbock Assessed Value
$86,820
Average Hockley County Assessed Value
$75,980
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lubbock, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79407 | $20,592 | $45,910 | $87,470 | $133,120 | $191,938 |
| 79416 | $7,720 | $7,720 | $7,720 | $7,720 | $7,720 |
| 79424 | $61,160 | $61,160 | $61,160 | $61,160 | $61,160 |
Source: Ownwell
Property Tax Bills Across Lubbock, Texas
In Lubbock, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Various factors, such as location, property size, and improvements, influence this assessment. Homeowners in Lubbock can expect a wide range of tax bills. For instance, the 25th percentile tax bill is $519, while the 75th percentile reaches $1823, and the 90th percentile can go up to $2871. The highest median tax bill in Lubbock is $1017 in zip code 79407, while the lowest is $994 in zip code 79424. These tax bills directly impact homeowners by contributing to their annual financial obligations. Compared to the national median property tax rate of 0.99%, Lubbock’s rates can vary, highlighting the importance of understanding local property tax structures.
Average Lubbock Tax Bill
$1,013
Average Hockley County Tax Bill
$1,490
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lubbock, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79407 | $273 | $522 | $1,017 | $1,827 | $2,881 |
| 79416 | $34 | $34 | $34 | $34 | $34 |
| 79424 | $994 | $994 | $994 | $994 | $994 |
Source: Ownwell
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 15 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Hockley Appraisal District | |
| Website | propaccess.trueautomation.com |