Loving, Texas Property Taxes
The median property tax rate in Loving, TX is 1.92%, significantly higher than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $75,790 in Loving, the typical annual property tax bill amounts to $902, which is still below the national median of $2,690. Property taxes in Loving are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Loving's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Loving 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
Loving, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.92%
Estimate Property Tax Bill
$1,455
$1,346
Ownwell’s Loving Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loving with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loving 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 Loving, Texas
Property taxes in Loving, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loving is 1.92%, significantly higher than both the Texas state median of 1.66% and the U.S. national median of 0.99%. Local government entities within Loving set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loving 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 Loving's effective property tax rate to other counties in Texas and the national median. For comparison, the 76460 zip code has the highest median property tax rate of 1.92%, while the same zip code also has the lowest median tax rate of 1.92%. Understanding how these cities compare with Loving provides valuable insights into the varying tax landscape across Loving County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loving Tax Rate
1.92%
Average Young County Tax Rate
2.25%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loving, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76460 | 0.28% | 0.81% | 1.92% | 1.92% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Loving, Texas
In Loving, 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 Loving 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 Loving, 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 Loving helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 76460, with a median tax bill of $902.
Average Loving Assessed Value
$75,790
Average Young County Assessed Value
$91,060
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loving, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76460 | $8,410 | $24,882 | $75,790 | $279,712 | $601,775 |
Source: Ownwell
Property Tax Bills Across Loving, Texas
In Loving, located in Young County, TX, property tax bills are calculated based on the assessed value of a home. The median home price here is $75,790. Tax rates are applied to this assessed value to determine the tax bill. Various factors influence the assessed value, such as the property's market value, location, and any improvements made. Homeowners in Loving can expect their tax bills to vary significantly. For instance, those in the 25th percentile pay around $394 annually, while those in the 75th percentile face bills of approximately $2,261. At the 90th percentile, tax bills can soar to $4,159. These variations underscore the importance of understanding how property values and local tax rates impact overall tax bills. Comparatively, the national median property tax rate is 0.99%, making it crucial for homeowners in Loving to stay informed about local assessments and potential exemptions to manage their property tax obligations effectively.
Average Loving Tax Bill
$902
Average Young County Tax Bill
$1,705
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Loving, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76460 | $117 | $394 | $902 | $2,261 | $4,159 |
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 | |
|---|---|
| Young Appraisal District | |
| Website | esearch.youngcad.org |