Follett, Texas Property Taxes
The median property tax rate in Follett, TX is 2.52%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Follett at $33,370, the typical annual property tax bill reaches $683, which is below the national median of $2,690. Property taxes in Follett 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 Follett'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 Follett 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
Follett, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.52%
Estimate Property Tax Bill
$841
$778
Ownwell’s Follett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Follett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Follett 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 Follett, Texas
Property taxes in Follett, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Follett is 2.52%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Follett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Follett 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 Follett's effective property tax rate to other counties in Texas and the national median. For comparison, the 79034 zip code has the highest median property tax rate of 2.52%, while the 79034 zip code also has the lowest median tax rate of 2.52%. Understanding how these cities compare with Follett provides valuable insights into the varying tax landscape across Lipscomb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Follett Tax Rate
2.52%
Average Lipscomb County Tax Rate
2.36%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Follett, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79034 | 1.33% | 1.99% | 2.52% | 3.06% | 3.11% |
Source: Ownwell
Property Tax Assessment Values Across Follett, Texas
In Follett, 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 Lipscomb 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 Follett, 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. For example, the median home price is $33,370, with tax bills ranging from $270 at the 25th percentile to $2,072 at the 90th percentile. The highest and lowest median tax bills are both $683 in the 79034 zip code. 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 Follett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Follett Assessed Value
$33,370
Average Lipscomb County Assessed Value
$31,530
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Follett, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79034 | $3,280 | $11,840 | $33,370 | $67,390 | $86,450 |
Source: Ownwell
Property Tax Bills Across Follett, Texas
In Follett, located in Lipscomb County, TX, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For homeowners in Follett, the median home price is $33,370. The property tax rate in the area is relatively low compared to the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the home's assessed value, any applicable exemptions, and the local tax rate. For example, the tax bill at the 25th percentile is $270, while at the 75th percentile, it rises to $1,392. The highest median tax bill in the region is $683, which is consistent across the zip code 79034. These property taxes significantly impact homeowners, as they contribute to local services such as schools, infrastructure, and emergency services. Understanding these factors helps homeowners anticipate their annual property tax obligations.
Average Follett Tax Bill
$683
Average Lipscomb County Tax Bill
$613
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Follett, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79034 | $101 | $270 | $683 | $1,392 | $2,072 |
Source: Ownwell