Lipan, Texas Property Taxes
The median property tax rate in Lipan, TX, is 1.18%, which is higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With the median home value in Lipan at $200,080, the typical annual property tax bill amounts to $1,771, falling below the national median of $2,690. Property taxes in Lipan are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lipan'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 Lipan or another part of Hood County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lipan, 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 Lipan Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lipan with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Lipan to project your property tax bill. This valuable tool helps you grasp potential tax liabilities. If you’re curious about trends at the neighborhood level, scroll down for more detailed information. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Lipan, Texas
Property taxes in Lipan, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lipan is 1.18%, higher than both the Texas state median of 1.9% and the U.S. national median of 0.99%. Local government entities within Lipan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lipan 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 Lipan's effective property tax rate to other counties in Texas and the national median. For comparison, the 76462 zip code has the highest median property tax rate of 1.18%, while the 76462 zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Lipan provides valuable insights into the varying tax landscape across Hood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lipan Tax Rate
1.18%
Average Hood County Tax Rate
0.96%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lipan, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76462 | 0.14% | 0.45% | 1.18% | 1.61% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Lipan, Texas
In Lipan, 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 Hood 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 Lipan, 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 Lipan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,771, found in the 76462 zip code.
Average Lipan Assessed Value
$200,080
Average Hood County Assessed Value
$289,560
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lipan, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76462 | $53,942 | $105,890 | $200,080 | $329,230 | $456,054 |
Source: Ownwell
Property Tax Bills Across Lipan, Texas
In Lipan, located in Hood County, TX, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county appraisal district and reflects the market value of the property. Once the assessed value is established, local tax rates are applied to calculate the annual tax bill. Several factors influence the tax bill, including the home's location, size, and market conditions. For instance, the median home price in Lipan is $200,080. Homeowners can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is $579, while the 75th percentile tax bill reaches $3,603. At the higher end, the 90th percentile tax bill is $5,972. These property taxes fund essential services such as schools, infrastructure, and emergency services, directly impacting homeowners. Comparatively, the national median property tax rate is 0.99%, making it crucial for homeowners in Lipan to understand their tax obligations and how they support community services.
Average Lipan Tax Bill
$1,771
Average Hood County Tax Bill
$2,081
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lipan, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76462 | $227 | $579 | $1,771 | $3,603 | $5,972 |
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 | |
|---|---|
| Hood Appraisal District | |
| Website | iswdataclient.azurewebsites.net |