Lorenzo, Texas Property Taxes
The median property tax rate in Lorenzo, TX is 1.19%, considerably higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With the median home value in Lorenzo at $157,204, the typical annual property tax bill reaches $1,965, falling below the national median of $2,690. Property taxes in Lorenzo 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 Lorenzo'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 Lorenzo 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
Lorenzo, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
$2,192
$1,148
Average Lorenzo, Texas Tax Savings
Ownwell’s Lorenzo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lorenzo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lorenzo to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Lorenzo. 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 Lorenzo, Texas
Property taxes in Lorenzo, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lorenzo is 1.19%, higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Lorenzo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lorenzo 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 Lorenzo's effective property tax rate to other counties in Texas and the national median. For comparison, the 79343 zip code has the highest median property tax rate of 1.19%, while the 79343 zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Lorenzo provides valuable insights into the varying tax landscape across Lubbock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lorenzo Tax Rate
1.19%
Average Lubbock County Tax Rate
1.86%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lorenzo, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79343 | 0.70% | 1.03% | 1.19% | 1.19% | 1.44% |
Source: Ownwell
$1,148
Average Lorenzo Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Lorenzo, Texas
In Lorenzo, 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 Lubbock 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 Lorenzo, 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 instance, the zip code 79343 in Lorenzo has the highest median tax bill of $1965. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lorenzo Assessed Value
$157,204
Average Lubbock County Assessed Value
$190,386
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lorenzo, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79343 | $55,440 | $86,674 | $157,204 | $281,084 | $373,494 |
Source: Ownwell
$1,148
Average Lorenzo Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Lorenzo, Texas
In Lorenzo, located in Lubbock County, TX, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county appraisal district, which evaluates the market value of your property. This value is then multiplied by the local tax rate to determine your annual tax bill. For instance, with a median home price of $157,204, homeowners in Lorenzo can expect varying tax bills, with the 25th percentile around $1,081 and the 75th percentile reaching up to $2,686. High property tax bills can significantly impact homeowners, making it essential to ensure that your property is fairly assessed. This is where Ownwell can help. By providing expert property tax appeal and exemption services, Ownwell can help you challenge over-assessments and secure potential reductions on your tax bill. This means more savings and less financial strain, allowing you to enjoy the benefits of homeownership without the burden of excessive property taxes.
Average Lorenzo Tax Bill
$1,965
Average Lubbock County Tax Bill
$3,513
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lorenzo, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79343 | $583 | $1,081 | $1,965 | $2,686 | $4,010 |
Source: Ownwell
$1,148
Average Lorenzo Tax Savings
Save on your property taxes & more with 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 | |
|---|---|
| Lubbock Appraisal District | |
| Phone | (806) 762-5000 |
| Website | lubbockcad.org |
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