Lake Creek, Texas Property Taxes
The median property tax rate in Lake Creek, TX is 1.55%, which is significantly higher than the national median of 0.99% but slightly below the Texas state median of 1.67%. With a median home value of $231,090, the typical annual property tax bill in Lake Creek amounts to $3,086, surpassing the national median of $2,690. Property taxes in Lake Creek are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lake Creek'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 Lake Creek or another part of Delta County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Creek, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$3,582
$3,324
Ownwell’s Lake Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Creek 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 Delta County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lake Creek, Texas
Property taxes in Lake Creek, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Creek is 1.55%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Lake Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Creek 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 Lake Creek's effective property tax rate to other counties in Texas and the national median. For comparison, the 75450 zip code has the highest median property tax rate of 1.55%, while the same zip code also has the lowest median tax rate of 1.55%. Understanding how these cities compare with Lake Creek provides valuable insights into the varying tax landscape across Delta County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Creek Tax Rate
1.55%
Average Delta County Tax Rate
2.34%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Creek, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75450 | 0.49% | 0.93% | 1.55% | 2.19% | 2.46% |
Source: Ownwell
Property Tax Assessment Values Across Lake Creek, Texas
In Lake Creek, 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 Delta 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 Lake Creek, 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 Lake Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lake Creek is $3,086 in the 75450 zip code, while the lowest median tax bill is also $3,086 in the same zip code.
Average Lake Creek Assessed Value
$231,090
Average Delta County Assessed Value
$122,915
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Creek, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75450 | $57,544 | $118,830 | $231,090 | $456,590 | $651,720 |
Source: Ownwell
Property Tax Bills Across Lake Creek, Texas
In Lake Creek, located in Delta County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the county appraisal district. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $231,090, homeowners in Lake Creek can expect to pay property taxes that vary significantly. At the 25th percentile, the tax bill is approximately $1,683, while at the 75th percentile, it rises to about $4,645. The top 10% of tax bills can reach up to $6,514. The tax rate in Lake Creek is influenced by various factors, including local government budgets, school district funding needs, and public services. This means that homeowners need to budget for a range of possible tax bills depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, the rates in Lake Creek can lead to higher financial responsibilities for homeowners, impacting their overall cost of living.
Average Lake Creek Tax Bill
$3,086
Average Delta County Tax Bill
$2,570
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Creek, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75450 | $831 | $1,683 | $3,086 | $4,645 | $6,514 |
Source: Ownwell