Loraine, Texas Property Taxes
The median property tax rate in Loraine, TX is 1.22%, slightly higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $166,168 in Loraine, the typical annual property tax bill amounts to $2,290, which is below the national median of $2,690. Property taxes in Loraine are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Loraine'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 Loraine 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
Loraine, 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 Loraine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loraine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loraine 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 Loraine, Texas
Property taxes in Loraine, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loraine is 1.22%, higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Loraine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loraine 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 Loraine's effective property tax rate to other counties in Texas and the national median. For comparison, the 79532 zip code has the highest median property tax rate of 1.22%, while the 79532 zip code also has the lowest median tax rate of 1.22%. Understanding how these cities compare with Loraine provides valuable insights into the varying tax landscape across Scurry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loraine Tax Rate
1.22%
Average Scurry County Tax Rate
1.50%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loraine, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79532 | 0.33% | 0.65% | 1.22% | 1.70% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Loraine, Texas
In Loraine, 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 Scurry 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 Loraine, 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. For example, the median home price in Loraine is $166,168, with tax bills ranging from $1,061 at the 25th percentile to $3,545 at the 90th percentile. The highest and lowest median tax bills are both found in the 79532 zip code, at $2,290. Understanding these valuation concepts helps property owners navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Loraine Assessed Value
$166,168
Average Scurry County Assessed Value
$80,259
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loraine, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79532 | $137,307 | $155,555 | $166,168 | $181,621 | $208,583 |
Source: Ownwell
Property Tax Bills Across Loraine, Texas
In Loraine, TX, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the local county assessor and reflects the market value of the property. The median home price in Loraine is $166,168. Property taxes are then calculated by applying the local tax rate to this assessed value. The tax bill can vary significantly depending on the property's assessed value and the local tax rate. For example, the 25th percentile tax bill is $1,061, while the 75th percentile tax bill is $3,333, highlighting the range of possible tax bills homeowners might face. The highest observed median tax bill in the area is $2,290, which is notably higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding how their tax bill is calculated can help in budgeting and financial planning, ensuring they are prepared for annual property tax obligations.
Average Loraine Tax Bill
$2,290
Average Scurry County Tax Bill
$996
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Loraine, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79532 | $515 | $1,061 | $2,290 | $3,333 | $3,545 |
Source: Ownwell