Floydada, Texas Property Taxes
The median property tax rate in Floydada, TX is 1.44%, which is notably higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $119,980, the typical annual property tax bill in Floydada reaches $1,694, falling below the national median of $2,690. Property taxes in Floydada are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Floydada'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 Floydada or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Floydada, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$1,728
$1,599
Ownwell’s Floydada Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Floydada with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Floydada 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 Floydada, Texas
Property taxes in Floydada, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Floydada is 1.44%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Floydada set these rates annually, and they can vary significantly across different neighborhoods. Each year, Floydada 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 Floydada's effective property tax rate to other counties in Texas and the national median. For comparison, the 79235 zip code has the highest median property tax rate of 1.44%, while the 79235 zip code also has the lowest median tax rate of 1.44%. Understanding how these cities compare with Floydada provides valuable insights into the varying tax landscape across Floyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Floydada Tax Rate
1.44%
Average Crosby County Tax Rate
2.27%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Floydada, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79235 | 1.08% | 1.35% | 1.44% | 1.82% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Floydada, Texas
In Floydada, 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 Crosby 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 Floydada, 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 Floydada helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1694 in the 79235 zip code, while the lowest median tax bill is also $1694 in the same zip code.
Average Floydada Assessed Value
$119,980
Average Crosby County Assessed Value
$53,460
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Floydada, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79235 | $62,453 | $97,107 | $119,980 | $170,770 | $226,536 |
Source: Ownwell
Property Tax Bills Across Floydada, Texas
In Floydada, located in Crosby County, TX, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county appraisal district, which evaluates the market value of the property. The tax rate, set by local taxing authorities, is then applied to this assessed value to determine the annual property tax bill. For example, with a median home price of $119,980, the tax bill can range significantly. Homeowners in the 25th percentile pay around $1,312, while those in the 75th percentile see bills closer to $1,826. At the 90th percentile, the tax bill can reach up to $2,291. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the community. While the national median property tax rate is 0.99%, the specific rates in Floydada may vary, affecting how much homeowners ultimately pay. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Floydada Tax Bill
$1,694
Average Crosby County Tax Bill
$1,091
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Floydada, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79235 | $1,171 | $1,312 | $1,694 | $1,826 | $2,291 |
Source: Ownwell