Loraine, Texas Property Taxes
The median property tax rate in Loraine, TX is 1.74%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Loraine, the typical annual property tax bill reaches $3,082, exceeding the national median of $2,690. Property taxes in Loraine 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 Loraine'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 Loraine 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
Loraine, 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 Loraine Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Loraine. By entering your property's estimated assessed value, the calculator uses the median tax rate in Loraine to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities with ease. For those interested in more granular data, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value, determined by the county, is crucial for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Loraine, Texas
Property taxes in Loraine, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loraine is 1.74%, significantly higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Loraine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loraine 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. For comparison, the highest median property tax rate in the county is also 1.74%, found in the zip code 79532, while the lowest median tax rate is similarly 1.74% in the same area. Understanding how these cities compare with Loraine provides valuable insights into the varying tax landscape across Mitchell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loraine Tax Rate
1.74%
Average Nolan County Tax Rate
2.22%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loraine, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79532 | 1.50% | 1.59% | 1.74% | 1.74% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Loraine, Texas
In Loraine, 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 Nolan 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 Loraine, 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. For example, the highest and lowest median tax bills in Loraine are both $3,082 in the 79532 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Loraine Assessed Value
$213,070
Average Nolan County Assessed Value
$69,100
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loraine, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79532 | $158,438 | $178,925 | $213,070 | $256,260 | $282,174 |
Source: Ownwell
Property Tax Bills Across Loraine, Texas
In Loraine, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Nolan County. Homeowners in Loraine can expect their tax bills to reflect the county's specific needs and budget requirements. The assessed value is determined by the county assessor, who evaluates the property's market value and applies the appropriate assessment ratio. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, the tax bill for a home priced at the median value of $213,070 can range significantly. At the 25th percentile, homeowners might pay around $2,807, while those at the 75th percentile could see bills as high as $4,141. The top 10% of property tax bills can reach up to $4,776. These property taxes impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Loraine homeowners experience a varied but competitive property tax landscape.
Average Loraine Tax Bill
$3,082
Average Nolan County Tax Bill
$1,393
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Loraine, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79532 | $2,642 | $2,807 | $3,082 | $4,141 | $4,776 |
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 | |
|---|---|
| Nolan Appraisal District | |
| Website | www.nolan-cad.org |