Lone Oak, Texas Property Taxes
The median property tax rate in Lone Oak, TX is 1.75%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Lone Oak at $72,788, the typical annual property tax bill reaches $1,127, which is below the national median of $2,690. Property taxes in Lone Oak 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 Lone Oak'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 Lone Oak 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
Lone Oak, 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 Lone Oak Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lone Oak with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lone Oak 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 Lone Oak, Texas
Property taxes in Lone Oak, Texas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lone Oak is 1.75%, significantly higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Lone Oak set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lone Oak 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 Lone Oak's effective property tax rate to other counties in Texas and the national median. For comparison, the 75453 zip code has the highest median property tax rate of 1.75%, while the same zip code also has the lowest median tax rate of 1.75%. Understanding how these cities compare with Lone Oak provides valuable insights into the varying tax landscape across Rains County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lone Oak Tax Rate
1.75%
Average Rains County Tax Rate
1.71%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lone Oak, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75453 | 1.06% | 1.46% | 1.75% | 3.33% | 3.33% |
Source: Ownwell
Property Tax Assessment Values Across Lone Oak, Texas
In Lone Oak, 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 Rains 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 Lone Oak, 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 Lone Oak helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 75453 at $1127, while the lowest is also 75453 at $1127.
Average Lone Oak Assessed Value
$72,788
Average Rains County Assessed Value
$62,105
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lone Oak, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75453 | $3,850 | $7,144 | $72,788 | $150,474 | $286,791 |
Source: Ownwell
Property Tax Bills Across Lone Oak, Texas
In Lone Oak, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The assessed value is determined by the Rains County Appraisal District, which estimates the market value of properties. Homeowners in Lone Oak pay property taxes that are influenced by several factors, including the assessed value of their property and the local tax rate set by various taxing authorities, such as school districts and municipal governments. For example, with a median home price of $72,788, property tax bills in Lone Oak can vary significantly. The 25th percentile tax bill is around $192, while the 75th percentile reaches $2,243. At the 90th percentile, some homeowners pay as much as $4,201. These figures illustrate the range of property tax obligations residents might face, depending on their property's assessed value and the specific tax rates applied. Compared to the national median property tax rate of 0.99%, Lone Oak's rates can be considerably variable, impacting homeowners' financial planning and budgeting.
Average Lone Oak Tax Bill
$1,127
Average Rains County Tax Bill
$1,103
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lone Oak, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75453 | $128 | $192 | $1,127 | $2,243 | $4,201 |
Source: 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 | |
|---|---|
| Rains Appraisal District | |
| Website | esearch.rainscad.org |