Lometa, Texas Property Taxes
The median property tax rate in Lometa, TX is 1.43%, which is significantly higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $112,575 in Lometa, the typical annual property tax bill amounts to $1,148, which is below the national median of $2,690. Property taxes in Lometa are calculated based on the assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Lometa'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 Lometa 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
Lometa, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$1,610
$1,489
Ownwell’s Lometa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lometa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lometa 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 Lometa, Texas
Property taxes in Lometa, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lometa is 1.43%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Lometa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lometa 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 Lometa's effective property tax rate to other counties in Texas and the national median. For comparison, the 76853 zip code has the highest median property tax rate of 1.43%, while the 76853 zip code has the lowest median tax rate of 1.43%. Understanding how these cities compare with Lometa provides valuable insights into the varying tax landscape across Mills County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lometa Tax Rate
1.43%
Average Mills County Tax Rate
1.41%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lometa, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76853 | 1.20% | 1.35% | 1.43% | 1.43% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Lometa, Texas
In Lometa, 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 Mills 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. 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 Lometa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bills in Lometa is 76853, with a median tax bill of $1,148.
Average Lometa Assessed Value
$112,575
Average Mills County Assessed Value
$100,465
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lometa, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76853 | $13,911 | $34,175 | $112,575 | $195,882 | $290,734 |
Source: Ownwell
Property Tax Bills Across Lometa, Texas
In the small city of Lometa, located in Mills County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Lometa is $112,575. To determine the property tax, the assessed value is multiplied by the local tax rate, which varies depending on the specific taxing entities such as school districts, municipalities, and other local authorities. For homeowners in Lometa, the property tax bills can vary significantly. For example, the 25th percentile tax bill is $479, while the 75th percentile tax bill is $2,406, and the 90th percentile tax bill reaches up to $4,141. These figures indicate a wide range of property tax liabilities, reflecting the diverse property values and tax rates within the area. Compared to the national median property tax rate of 0.99%, homeowners in Lometa may find their tax bills to be relatively manageable depending on their property's assessed value. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Lometa Tax Bill
$1,148
Average Mills County Tax Bill
$1,261
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lometa, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76853 | $199 | $479 | $1,148 | $2,406 | $4,141 |
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 | |
|---|---|
| Mills Appraisal District | |
| Website | esearch.millscad.org |