Lipan, Texas Property Taxes
The median property tax rate in Lipan, TX is 1.07%, slightly higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $322,995 in Lipan, the typical annual property tax bill amounts to $3,288, surpassing the national median of $2,690. Property taxes in Lipan are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural land. Understanding Lipan'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 Lipan 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
Lipan, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$3,456
$3,198
Ownwell’s Lipan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lipan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lipan 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 Lipan, Texas
Property taxes in Lipan, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lipan is 1.07%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Lipan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lipan 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 Lipan's effective property tax rate to other counties in Texas and the national median. For comparison, the 76462 zip code has the highest median property tax rate of 1.07%, while the 76462 zip code has the lowest median tax rate of 1.07%. Understanding how these cities compare with Lipan provides valuable insights into the varying tax landscape across Erath County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lipan Tax Rate
1.07%
Average Erath County Tax Rate
1.38%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lipan, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76462 | 0.55% | 0.85% | 1.07% | 1.18% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Lipan, Texas
In Lipan, 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 Erath 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 Lipan, 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 Lipan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Lipan is $3,288, with the 25th percentile at $1,262 and the 75th percentile at $6,170.
Average Lipan Assessed Value
$322,995
Average Erath County Assessed Value
$216,370
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lipan, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76462 | $55,792 | $172,468 | $322,995 | $638,730 | $1,000,163 |
Source: Ownwell
Property Tax Bills Across Lipan, Texas
In Lipan, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Erath County. The assessed value is typically a percentage of the market value of the property, which can fluctuate based on real estate trends. For example, with a median home price of $322,995, homeowners can expect varying tax bills depending on several factors, including the exact assessed value and any applicable exemptions. Tax bills in Lipan can range widely. At the 25th percentile, the tax bill is around $1,262, while at the 75th percentile, it reaches approximately $6,170. The 90th percentile tax bill can go up to $10,059. The highest median tax bill in the area is $3,288, which is consistent across the zip code 76462. These property taxes fund essential local services such as schools, emergency services, and infrastructure. Homeowners need to be aware of these costs as they significantly impact the overall affordability of owning property in Lipan. Compared to the national median property tax rate of 0.99%, the rates in Lipan reflect the local economic conditions and funding requirements.
Average Lipan Tax Bill
$3,288
Average Erath County Tax Bill
$3,131
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lipan, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76462 | $518 | $1,262 | $3,288 | $6,170 | $10,059 |
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 | |
|---|---|
| Erath Appraisal District | |
| Website | esearch.erath-cad.com |