Petersburg, Texas Property Taxes
The median property tax rate in Petersburg, TX is 1.49%, which is considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Petersburg at $193,221, the typical annual property tax bill reaches $2,430, slightly below the national median of $2,690. Property taxes in Petersburg 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 Petersburg'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 Petersburg 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
Petersburg, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.49%
Estimate Property Tax Bill
$2,879
$2,664
$1,148
Average Petersburg, Texas Tax Savings
Ownwell’s Petersburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Petersburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petersburg to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Petersburg. 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 Petersburg, Texas
Property taxes in Petersburg, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Petersburg is 1.49%, higher than both the Texas state median of 1.80% and the U.S. national median of 0.99%. Local government entities within Petersburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Petersburg 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 Petersburg's effective property tax rate to other counties in Texas and the national median. For comparison, the 79250 zip code has the highest median property tax rate of 1.49%, while the 79250 zip code has the lowest median tax rate of 1.49%. Understanding how these cities compare with Petersburg provides valuable insights into the varying tax landscape across Lubbock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Petersburg Tax Rate
1.49%
Average Lubbock County Tax Rate
1.86%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Petersburg, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79250 | 0.93% | 1.14% | 1.49% | 1.59% | 1.59% |
Source: Ownwell
$1,148
Average Petersburg Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Petersburg, Texas
In Petersburg, 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 Lubbock 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 Petersburg, 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. The median home price in Petersburg is $193,221, with tax bills ranging from $1,480 at the 25th percentile to $3,084 at the 75th percentile, and up to $3,900 at the 90th percentile. 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 Petersburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Petersburg Assessed Value
$193,221
Average Lubbock County Assessed Value
$190,386
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Petersburg, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79250 | $75,858 | $93,945 | $193,221 | $223,250 | $281,056 |
Source: Ownwell
$1,148
Average Petersburg Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Petersburg, Texas
In Petersburg, located in Lubbock County, TX, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in Petersburg is $193,221, and property taxes are applied using the local rate. Homeowners in the 25th percentile can expect a tax bill around $1,480, while those in the 75th percentile face bills up to $3,084. For the top 10% of homes, tax bills can reach $3,900. Factors such as property size, location, and market conditions play a significant role in determining the assessed value. High property taxes can strain homeowners financially, especially when the local median tax rate is higher than the national median rate of 0.99%. Ownwell helps homeowners by providing expert property tax appeal and exemption services. By reviewing property assessments and identifying discrepancies, Ownwell can potentially lower the assessed value, resulting in significant savings on annual property tax bills. This proactive approach ensures homeowners pay only their fair share, easing their financial burden.
Average Petersburg Tax Bill
$2,430
Average Lubbock County Tax Bill
$3,513
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Petersburg, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79250 | $805 | $1,480 | $2,430 | $3,084 | $3,900 |
Source: Ownwell
$1,148
Average Petersburg Tax Savings
Save on your property taxes & more with 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 | |
|---|---|
| Lubbock Appraisal District | |
| Phone | (806) 762-5000 |
| Website | lubbockcad.org |
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