Meadow, Texas Property Taxes
The median property tax rate in Meadow, TX is 1.68%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Meadow, the typical annual property tax bill reaches $1,612, which is lower than the national median of $2,690. Property taxes in Meadow 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 Meadow'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 Meadow 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
Meadow, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.68%
Estimate Property Tax Bill
$2,678
$2,478
Ownwell’s Meadow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Meadow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Meadow 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 Meadow, Texas
Property taxes in Meadow, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Meadow is 1.68%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Meadow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Meadow 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 Meadow's effective property tax rate to other counties in Texas and the national median. For comparison, the 79345 zip code has the highest median property tax rate of 1.68%, while the same zip code also has the lowest median tax rate of 1.68%. Understanding how these cities compare with Meadow provides valuable insights into the varying tax landscape across Lynn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Meadow Tax Rate
1.68%
Average Lynn County Tax Rate
1.99%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Meadow, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79345 | 0.62% | 0.70% | 1.68% | 1.89% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Meadow, Texas
In Meadow, 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 Lynn 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 Meadow, 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. Notably, the zip code 79345 has both the highest and lowest median tax bills, each at $1,612. Being aware of these valuation processes in Meadow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Meadow Assessed Value
$159,420
Average Lynn County Assessed Value
$78,045
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Meadow, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79345 | $38,370 | $62,800 | $159,420 | $228,430 | $284,468 |
Source: Ownwell
Property Tax Bills Across Meadow, Texas
In Meadow, located in Lynn County, TX, property tax bills are calculated based on the assessed value of a property and the local tax rate. The median home price in Meadow is $159,420, which serves as a baseline for determining the assessed value. Property tax bills in this area vary significantly, with the 25th percentile paying around $840 annually, while those in the 75th percentile pay approximately $3,232. For homeowners in the 90th percentile, the tax bill can reach up to $4,496. These tax bills are influenced by multiple factors, including the property's assessed value, any applicable exemptions, and the local tax rate. The highest and lowest median tax bills in Meadow are both recorded at $1,612 in the zip code 79345, indicating a relatively consistent tax environment within the city. Compared to the national median property tax rate of 0.99%, Meadow's property tax rates can have a significant impact on homeowners, affecting their annual expenses and overall financial planning.
Average Meadow Tax Bill
$1,612
Average Lynn County Tax Bill
$1,669
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Meadow, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79345 | $262 | $840 | $1,612 | $3,232 | $4,496 |
Source: Ownwell