London, Texas Property Taxes
The median property tax rate in London, TX is 2.01%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in London, the typical annual property tax bill reaches $997, which is below the national median of $2,690. Property taxes in London 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 London’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 London or another part of Menard County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
London, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$2,239
$2,072
Ownwell’s London Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in London with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in London 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 London, Texas
Property taxes in London, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in London is 2.01%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within London set these rates annually, and they can vary significantly across different neighborhoods. Each year, London 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 London's effective property tax rate to other counties in Texas and the national median. For comparison, the 76854 zip code has the highest median property tax rate of 2.01%, while the same zip code also has the lowest median tax rate of 2.01%. Understanding how these cities compare with London provides valuable insights into the varying tax landscape across Menard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average London Tax Rate
2.01%
Average Menard County Tax Rate
2.69%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across London, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76854 | 0.56% | 1.77% | 2.01% | 2.41% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across London, Texas
In London, 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 Menard 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 London, 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 in London is $111,410. The tax bills vary significantly, with the 25th percentile tax bill at $528 and the 75th percentile tax bill at $2,743. The highest median tax bill recorded in the area is $997 in the 76854 zip code, which also has the lowest median 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 London helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average London Assessed Value
$111,410
Average Menard County Assessed Value
$57,440
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across London, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76854 | $20,470 | $44,660 | $111,410 | $215,310 | $251,950 |
Source: Ownwell
Property Tax Bills Across London, Texas
In London, Menard 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, who evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in London is $111,410. For homeowners, this means that property tax bills can vary significantly. For instance, at the 25th percentile, the tax bill is $528, while at the 75th percentile, it jumps to $2,743. At the 90th percentile, homeowners might see tax bills as high as $5,510. These figures illustrate the range and potential impact of property taxes on homeowners in London. Compared to the national median property tax rate of 0.99%, the property tax rates in Menard County can lead to substantial variations in tax bills, affecting homeowners' financial planning and overall affordability of their homes.
Average London Tax Bill
$997
Average Menard County Tax Bill
$1,348
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across London, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76854 | $403 | $528 | $997 | $2,743 | $5,510 |
Source: Ownwell