Flomot, Texas Property Taxes
The median property tax rate in Flomot, TX is 1.54%, which is considerably higher than the national median of 0.99% but slightly lower than the Texas state median of 1.67%. With a median home value of $34,730, the typical annual property tax bill in Flomot reaches $535, well below the national median of $2,690. Property taxes in Flomot are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural land. Understanding Flomot'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 Flomot or another part of Floyd County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Flomot, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.54%
Estimate Property Tax Bill
$535
$496
Ownwell’s Flomot Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Flomot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flomot to estimate your property tax bill. This insightful tool provides a clear understanding of potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by Floyd County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Flomot, Texas
Property taxes in Flomot, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flomot is 1.54%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Flomot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flomot 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 Flomot's effective property tax rate to other counties in Texas and the national median. For comparison, the 79234 zip code has the highest median property tax rate of 1.54%, while the 79234 zip code has the lowest median tax rate of 1.54%. Understanding how these cities compare with Flomot 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 Flomot Tax Rate
1.54%
Average Floyd County Tax Rate
2.66%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flomot, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79234 | 1.54% | 1.54% | 1.54% | 1.54% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Flomot, Texas
In Flomot, 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 Floyd 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 Flomot, 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 Flomot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 79234, with a tax bill of $535.
Average Flomot Assessed Value
$34,730
Average Floyd County Assessed Value
$41,590
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flomot, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79234 | $28,554 | $30,870 | $34,730 | $46,335 | $53,298 |
Source: Ownwell
Property Tax Bills Across Flomot, Texas
In Flomot, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Flomot is $34,730, which is significantly lower than the national median. Homeowners in this region face a range of tax bills, with the 25th percentile at $476 and the 75th percentile reaching $714. The highest median tax bill recorded in the area is $535, which is consistent across the zip code 79234. Several factors influence the property tax bill, including the home's assessed value and the local tax rate set by Floyd County. These taxes are crucial for funding local services such as schools, emergency services, and infrastructure. Despite the relatively low home prices, property taxes can still be a significant expense for homeowners. Understanding these factors helps residents anticipate their financial obligations and plan accordingly. The property tax rate in Flomot, compared to the national median rate of 0.99%, reflects the local economic conditions and public service needs.
Average Flomot Tax Bill
$535
Average Floyd County Tax Bill
$983
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Flomot, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79234 | $440 | $476 | $535 | $714 | $821 |
Source: Ownwell