Floydada, Texas Property Taxes
The median property tax rate in Floydada, TX is 2.62%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Floydada, the typical annual property tax bill reaches $936, which is below the national median of $2,690. Property taxes in Floydada 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 Floydada'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 Floydada 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
Floydada, 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 Floydada Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Floydada with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Floydada 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 Floydada, Texas
Property taxes in Floydada, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Floydada is 2.62%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Floydada set these rates annually, and they can vary significantly across different neighborhoods. Each year, Floydada 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 Floydada's effective property tax rate to other counties in Texas and the national median. For comparison, the 79235 zip code has the highest median property tax rate of 2.62%, while the same zip code also has the lowest median tax rate of 2.62%. Understanding how these cities compare with Floydada provides valuable insights into the varying tax landscape across Floyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Floydada Tax Rate
2.62%
Average Floyd County Tax Rate
2.66%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Floydada, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79235 | 1.82% | 2.00% | 2.62% | 2.66% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across Floydada, Texas
In Floydada, 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 Floyd 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 Floydada, 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 Floydada is $42,025, with tax bills varying significantly. The highest median tax bill is $936 in the 79235 zip code, while the lowest is also $936 in the same zip code. 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 Floydada helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Floydada Assessed Value
$42,025
Average Floyd County Assessed Value
$41,590
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Floydada, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79235 | $6,806 | $20,998 | $42,025 | $77,025 | $119,309 |
Source: Ownwell
Property Tax Bills Across Floydada, Texas
Property tax bills in Floydada, located in Floyd County, TX, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county appraisal district, which evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Floydada, the median home price is $42,025. With property tax bills ranging from the 25th percentile at $473 to the 90th percentile at $2,768, the financial impact can vary significantly. The highest median tax bill in the area is $936, which is notably lower than the national median property tax rate of 0.99%. Understanding how these factors interplay helps homeowners anticipate their annual tax obligations and manage their finances more effectively. The assessed value and local tax rate directly influence the amount homeowners need to pay, making it crucial to stay informed about any changes in these variables.
Average Floydada Tax Bill
$936
Average Floyd County Tax Bill
$983
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Floydada, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79235 | $173 | $473 | $936 | $1,720 | $2,768 |
Source: Ownwell