Olton, Texas Property Taxes
The median property tax rate in Olton, TX is 1.98%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Olton, the typical annual property tax bill reaches $678, which is significantly lower than the national median of $2,690. Property taxes in Olton 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 Olton'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 Olton 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
Olton, 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 Olton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olton 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 Olton, Texas
Property taxes in Olton, Texas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olton is 1.98%, significantly higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Olton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olton 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 Olton's effective property tax rate to other counties in Texas and the national median. For comparison, the 79064 zip code has the highest median property tax rate of 1.98%, while the lowest median tax rate is also 1.98% in the same zip code. Understanding how these cities compare with Olton provides valuable insights into the varying tax landscape across Lamb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olton Tax Rate
1.98%
Average Lamb County Tax Rate
2.05%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olton, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79064 | 1.12% | 1.49% | 1.98% | 2.40% | 2.62% |
Source: Ownwell
Property Tax Assessment Values Across Olton, Texas
In Olton, 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 Lamb 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 Olton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Olton are both $678, found in zip code 79064.
Average Olton Assessed Value
$40,560
Average Lamb County Assessed Value
$37,240
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olton, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79064 | $4,394 | $10,400 | $40,560 | $86,850 | $143,070 |
Source: Ownwell
Property Tax Bills Across Olton, Texas
In Olton, Lamb County, TX, property tax bills are calculated based on the assessed value of a property, which is determined by the local appraisal district. The median home price in Olton is $40,560, and the property tax rate is applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the property's market value, any applicable exemptions, and the local tax rate. Homeowners in Olton can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is $217, while the 75th percentile tax bill reaches $1,461. At the higher end, the 90th percentile tax bill can be as much as $2,472. The highest median tax bill recorded in the area is $678, which is relatively modest compared to the national median property tax rate of 0.99%. These property taxes fund essential local services such as public schools, infrastructure, and emergency services, directly impacting the quality of life for Olton residents.
Average Olton Tax Bill
$678
Average Lamb County Tax Bill
$638
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Olton, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79064 | $86 | $217 | $678 | $1,461 | $2,472 |
Source: Ownwell