Loop, Texas Property Taxes
The median property tax rate in LOOP, TX is 0.71%, considerably lower than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in LOOP, the typical annual property tax bill reaches $490, significantly below the national median of $2,690. Property taxes in LOOP 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 LOOP'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 LOOP 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
Loop, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$747
$691
Ownwell’s LOOP Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LOOP with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LOOP 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 Loop, Texas
Property taxes in LOOP, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in LOOP is 0.71%, lower than both the Texas state median and the U.S. national median of 0.99%. Local government entities within LOOP set these rates annually, and they can vary significantly across different neighborhoods. Each year, LOOP 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 LOOP's effective property tax rate to other counties in Texas and the national median. For comparison, the 79342 zip code has the highest median property tax rate of 0.71%, while the 79342 zip code has the lowest median tax rate of 0.71%. Understanding how these cities compare with LOOP provides valuable insights into the varying tax landscape across Gaines, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loop Tax Rate
0.71%
Average Gaines County Tax Rate
1.79%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loop, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79342 | 0.24% | 0.37% | 0.71% | 0.97% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Loop, Texas
In LOOP, 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 Gaines 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 LOOP, 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 LOOP 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 $490.00 in the 79342 zip code, while the lowest median tax bill also stands at $490.00 in the same zip code.
Average Loop Assessed Value
$105,160
Average Gaines County Assessed Value
$85,350
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loop, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79342 | $15,366 | $57,480 | $105,160 | $170,610 | $430,230 |
Source: Ownwell
Property Tax Bills Across Loop, Texas
In the city of LOOP in Gaines County, TX, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local tax assessor and reflects the market value of your property. This assessed value is then multiplied by the local tax rate to determine your annual property tax bill. For LOOP, the median home price stands at $105,160. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. Homeowners in LOOP can expect their tax bills to vary widely. At the 25th percentile, the tax bill is around $264, while at the 75th percentile, it rises to $1,166. The 90th percentile sees tax bills as high as $2,003. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Given the national median property tax rate of 0.99%, homeowners in LOOP may find their tax obligations to be relatively moderate, depending on their specific property's assessed value and applicable exemptions.
Average Loop Tax Bill
$490
Average Gaines County Tax Bill
$1,283
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Loop, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79342 | $120 | $264 | $490 | $1,166 | $2,003 |
Source: Ownwell