Lockney, Floyd County, Texas Property Taxes

Name: Property Tax Bills Across Lockney, Floyd County, Texas
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Lockney, TX effective property tax rate: 2.84%, significantly higher than the national median of 1.02%, but lower than the Texas state median of 1.67%.
Median Lockney, TX home value: $40,590
Median annual Lockney, TX tax bill: $1,058, $1,342 lower than the national median property tax bill of $2,400.

How are property taxes in Floyd County calculated?

Property taxes in Lockney, TX are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Lockney’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lockney, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Lockney, Floyd County, Texas Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.84%

Estimate Property Tax Bill

$1,153

$1,070

Ownwell’s Lockney Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lockney with just two data points. By entering your property's estimated assessed value, our calculator applies Lockney’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Floyd County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lockney, Floyd County, Texas

Local government entities set tax rates, which can differ significantly across Texas. This variation arises because each county annually determines its budgetary needs to maintain services and divides this amount by the total assessed value of all taxable properties within its borders. This calculation establishes the property tax rate. While the setting of tax rates and budgets involves votes and legislative measures, this is essentially the yearly procedure. In Lockney, located in Floyd County, the effective property tax rate stands out when compared to other Texas cities and the state's median property tax rates. The median property tax rate in Texas is notably higher than the national median rate of 1.02%, reflecting a broader trend within the state. Understanding these differences is crucial for property owners in Lockney, as it impacts the overall financial landscape. By appealing your property taxes, you can potentially reduce your tax burden and ensure you're not overpaying compared to the assessed value of your property.

Property Tax Rates Across Lockney, Floyd County, Texas

Source: Ownwell

2.62%

2.73%

2.84%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Lockney Tax Rate

2.84%

Median Effective Floyd County Tax Rate

2.66%

Median Effective Texas Tax Rate

1.67%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lockney, Floyd County, Texas

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
79241	2.24%	2.72%	2.84%	2.84%	2.84%

Source: Ownwell

Property Tax Assessment Values Across Lockney, Floyd County, Texas

When examining property taxes in Lockney, TX, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Floyd County Appraisal District estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Floyd County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lockney. For example, the median home price in Lockney is $40,590, with tax bills ranging significantly across the county. Zip code 79241 has the highest median home price at $40,590.

Property Tax Assessment Values Across Lockney, Floyd County, Texas

Source: Ownwell

$40,590

$41,308

$42,025

Median Lockney Market Value

$40,590

Median Floyd County Market Value

$41,590

Median Texas Market Value

$247,950

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lockney, Floyd County, Texas

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
79241	$7,810	$22,150	$40,590	$71,410	$110,370

Source: Ownwell

Property Tax Bills Across Lockney, Floyd County, Texas

In Lockney, located in Floyd County, TX, property tax bills are calculated based on the assessed value of a home. The assessed value reflects the market value of the property, which in Lockney has a median home price of $40,590. The tax rate is applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include local government budgets and school district funding needs. For homeowners, this means that even modestly priced homes can result in significant tax bills. In Lockney, the median property tax bill is $1,058, which is below the national median tax bill of $2,400. However, for some homeowners, tax bills can range from $578 at the 25th percentile to $2,870 at the 90th percentile. This variability can impact household budgets significantly. Ownwell offers assistance by providing property tax appeal and exemption services, helping homeowners potentially reduce their tax bills. By analyzing property assessments and identifying discrepancies, Ownwell can help ensure that homeowners are not overpaying, offering peace of mind and financial savings.

Property Tax Bills Across Lockney, Floyd County, Texas

Source: Ownwell

$936

$997

$1,058

Median Lockney Tax Bill

$1,058

Median Floyd County Tax Bill

$983

Median Texas Tax Bill

$3,971

Median United States Tax Bill

$2,400

Property Tax Bills Across Lockney, Floyd County, Texas

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
79241	$210	$578	$1,058	$1,873	$2,870

Source: Ownwell