Lyford, Texas Property Taxes
The median property tax rate in Lyford, TX is 0.97%, slightly below the national median of 0.99% and significantly lower than the Texas state median of 1.67%. With the median home value in Lyford at $57,500, the typical annual property tax bill is around $523, well under the national median of $2,690. Property taxes in Lyford are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Lyford's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lyford or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lyford, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$558
$516
Ownwell’s Lyford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lyford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lyford 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 Lyford, Texas
Property taxes in Lyford, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lyford is 0.97%, which is lower than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Lyford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lyford 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 Lyford's effective property tax rate to other counties in Texas and the national median. For comparison, the 78569 zip code has the highest median property tax rate of 0.97%, while the same zip code also has the lowest median tax rate of 0.97%. Understanding how these cities compare with Lyford provides valuable insights into the varying tax landscape across Willacy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lyford Tax Rate
0.97%
Average Willacy County Tax Rate
1.18%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lyford, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78569 | 0.89% | 0.93% | 0.97% | 1.03% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Lyford, Texas
In Lyford, 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 Willacy 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 Lyford, 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 Lyford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lyford is $57,500, with the highest and lowest median tax bills both recorded at $523 in the 78569 zip code.
Average Lyford Assessed Value
$57,500
Average Willacy County Assessed Value
$49,814
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lyford, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78569 | $17,798 | $32,962 | $57,500 | $98,899 | $177,134 |
Source: Ownwell
Property Tax Bills Across Lyford, Texas
In Lyford, located in Willacy 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 Lyford is $57,500, which serves as a basis for determining the tax bill. The assessed value is then multiplied by the local tax rate to arrive at the annual tax obligation. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Lyford can expect a wide range of tax bills. At the 25th percentile, tax bills are around $314, while at the 75th percentile, they rise to approximately $885. At the 90th percentile, homeowners might see tax bills as high as $1,480. Compared to the national median property tax rate of 0.99%, Lyford’s property tax rates can significantly impact household budgets. Understanding these factors helps homeowners anticipate their annual expenses and plan accordingly.
Average Lyford Tax Bill
$523
Average Willacy County Tax Bill
$574
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lyford, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78569 | $180 | $314 | $523 | $885 | $1,480 |
Source: Ownwell