Slaton, Texas Property Taxes
The median property tax rate in Slaton, TX is 0.76%, which is significantly lower than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $250,170 in Slaton, the typical annual property tax bill is $1,494, well below the national median of $2,690. Property taxes in Slaton 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 lands. Understanding Slaton'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 Slaton 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
Slaton, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,901
$1,759
Ownwell’s Slaton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Slaton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Slaton 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 Slaton, Texas
Property taxes in Slaton, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Slaton is 1.34%, which is higher than both the Texas state median of 1.80% and the U.S. national median of 0.99%. Local government entities within Slaton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Slaton 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 Slaton's effective property tax rate to other counties in Texas and the national median. For comparison, the 79364 zip code has the highest median property tax rate of 1.34%, while the 79364 zip code has the lowest median tax rate of 1.34%. Understanding how these cities compare with Slaton provides valuable insights into the varying tax landscape across Lubbock, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Slaton Tax Rate
0.76%
Average Lynn County Tax Rate
1.99%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Slaton, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79364 | 0.50% | 0.54% | 0.76% | 1.03% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Slaton, Texas
In Slaton, 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 Slaton, 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 Slaton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Slaton is $250,170, with annual tax bills ranging significantly. The 25th percentile tax bill is $927, while the 75th percentile tax bill reaches $3,089. Interestingly, both the highest and lowest median tax bills in the area are $1,494, found in the 79364 zip code.
Average Slaton Assessed Value
$250,170
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 Slaton, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79364 | $62,054 | $111,778 | $250,170 | $327,912 | $397,468 |
Source: Ownwell
Property Tax Bills Across Slaton, Texas
In Slaton, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For homeowners in Slaton, the median home price is $250,170. The property tax rates in Slaton are slightly lower than the national median rate of 0.99%. Homeowners in the 25th percentile can expect tax bills around $927, while those in the 75th percentile may see bills up to $3,089. For those in the 90th percentile, tax bills can reach up to $3,986. These tax bills can significantly impact homeowners, affecting monthly budgets and long-term financial planning. Understanding how these taxes are calculated and what factors influence them can help homeowners better manage their expenses and plan for future costs.
Average Slaton Tax Bill
$1,494
Average Lynn County Tax Bill
$1,669
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Slaton, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79364 | $542 | $927 | $1,494 | $3,089 | $3,986 |
Source: Ownwell