Flomot, Texas Property Taxes
The median property tax rate in Flomot, TX is 0.61%, significantly lower than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Flomot at $39,205, the typical annual property tax bill is $253, well below the national median of $2,690. Property taxes in Flomot are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Flomot'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 Flomot 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
Flomot, 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 Flomot Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Flomot using just two key data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flomot to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, making it easier to plan financially. For those interested in more detailed trends at a neighborhood level, additional localized information is available. Remember, your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Flomot, Texas
Property taxes in Flomot, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flomot is 0.61%, which is lower than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Flomot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flomot 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 Flomot's effective property tax rate to other counties in Texas and the national median. For comparison, the 79234 ZIP code has the highest median property tax rate of 0.61%, while the same ZIP code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Flomot provides valuable insights into the varying tax landscape across Motley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flomot Tax Rate
0.61%
Average Motley County Tax Rate
1.72%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flomot, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79234 | 0.48% | 0.55% | 0.61% | 1.34% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Flomot, Texas
In Flomot, 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 Motley 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 Flomot, 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. The median home price in Flomot is $39,205, with tax bills ranging widely. For instance, the 25th percentile tax bill is $160, while the 90th percentile reaches $889. The highest and lowest median tax bills, both at $253, are found in the 79234 zip code. Being aware of these valuation processes in Flomot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Flomot Assessed Value
$39,205
Average Motley County Assessed Value
$28,970
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flomot, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79234 | $6,270 | $26,020 | $39,205 | $64,340 | $102,715 |
Source: Ownwell
Property Tax Bills Across Flomot, Texas
In Flomot, located in Motley County, TX, property tax bills are calculated based on the assessed value of a home. The median home price in Flomot is $39,205. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property location, improvements, and market conditions can influence the assessed value. Homeowners in Flomot typically see tax bills varying significantly. For instance, the tax bill at the 25th percentile is $160, while the 75th percentile tax bill is $506. At the 90th percentile, homeowners might pay as much as $889. The median tax bill in the area is $253, reflecting a relatively low tax burden compared to the national median property tax rate of 0.99%. This lower tax rate can be beneficial for homeowners, potentially making Flomot an attractive place for those looking to minimize their property tax expenses. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Flomot Tax Bill
$253
Average Motley County Tax Bill
$376
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Flomot, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79234 | $30 | $160 | $253 | $506 | $889 |
Source: Ownwell