Lorenzo, Texas Property Taxes
The median property tax rate in Lorenzo, TX is 2.42%, significantly higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Lorenzo, the typical annual property tax bill reaches $1,215, surpassing the national median of $2,690. Property taxes in Lorenzo 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 Lorenzo'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 Lorenzo 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
Lorenzo, 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 Lorenzo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lorenzo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lorenzo 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 Lorenzo, Texas
Property taxes in Lorenzo, Texas, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lorenzo is 2.42%, which is significantly higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Lorenzo set these rates annually, and they can vary considerably across different neighborhoods. Each year, Lorenzo 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 foundation for setting property tax rates. The data below compares Lorenzo's effective property tax rate to other counties in Texas and the national median. For comparison, the zip code 79343 has both the highest and lowest median property tax rate of 2.42%. Understanding how these cities compare with Lorenzo provides valuable insights into the varying tax landscape across Crosby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lorenzo Tax Rate
2.42%
Average Crosby County Tax Rate
2.27%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lorenzo, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79343 | 1.54% | 2.21% | 2.42% | 2.49% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across Lorenzo, Texas
In Lorenzo, 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 Lorenzo, 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. The median home price in Lorenzo is $55,737, with tax bills ranging from $549 at the 25th percentile to $2,999 at the 90th percentile. The highest and lowest median tax bills are both $1,215, found in zip code 79343. 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 Lorenzo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lorenzo Assessed Value
$55,737
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 Lorenzo, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79343 | $9,546 | $23,795 | $55,737 | $91,876 | $145,425 |
Source: Ownwell
Property Tax Bills Across Lorenzo, Texas
In Lorenzo, located in Crosby County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Lorenzo is $55,737, which serves as a starting point for determining the assessed value. Property taxes are then applied to this assessed value using the local tax rate, which can vary depending on local government decisions and needs. Several factors influence the final tax bill, including property improvements, location, and any applicable exemptions. Homeowners in Lorenzo can expect their annual tax bills to range widely; the 25th percentile tax bill is around $549, while those in the 75th percentile can see bills up to $1,995. For the top 10% of homeowners, tax bills can reach as high as $2,999. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, the rates in Lorenzo reflect the unique economic and administrative factors of Crosby County.
Average Lorenzo Tax Bill
$1,215
Average Crosby County Tax Bill
$1,091
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lorenzo, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79343 | $187 | $549 | $1,215 | $1,995 | $2,999 |
Source: Ownwell