Lone Oak, Texas Property Taxes
The median property tax rate in Lone Oak, TX is 1.53%, notably higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With the median home value in Lone Oak at $185,355, the typical annual property tax bill reaches $2,081, which is below the national median of $2,690. Property taxes in Lone Oak are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lone Oak'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 Lone Oak 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
Lone Oak, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.53%
Estimate Property Tax Bill
$2,836
$2,624
Ownwell’s Lone Oak Property Tax Bill Calculator aids homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lone Oak using just two key data points. By inputting your property's estimated assessed value, the calculator utilizes the median tax rate in Lone Oak to project your property tax bill. This valuable tool provides clarity on potential tax obligations. For those interested in neighborhood-level trends, further localized information is available below. Your property’s assessed value is determined by the county for tax purposes, factoring in any applicable exemptions.
Property Tax Rates Across Lone Oak, Texas
Property taxes in Lone Oak, Texas, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lone Oak stands at 1.53%, which is notably higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Lone Oak set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lone Oak 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 Lone Oak's effective property tax rate to other counties in Texas and the national median. For comparison, the zip code 75453 has the highest median property tax rate of 1.53%, while the same zip code also has the lowest median tax rate of 1.53%. Understanding how these areas compare with Lone Oak provides valuable insights into the varying tax landscape across Hopkins County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lone Oak Tax Rate
1.53%
Average Hopkins County Tax Rate
1.66%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lone Oak, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75453 | 0.40% | 0.85% | 1.53% | 1.72% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Lone Oak, Texas
In Lone Oak, 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 Hopkins 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 Lone Oak, 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 Lone Oak is $185,355, with the 25th percentile tax bill at $895 and the 75th percentile tax bill at $3,512. The highest median tax bill is $2,081 in zip code 75453, which is also the lowest median 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 Lone Oak helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lone Oak Assessed Value
$185,355
Average Hopkins County Assessed Value
$132,490
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lone Oak, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75453 | $30,081 | $87,480 | $185,355 | $342,842 | $567,240 |
Source: Ownwell
Property Tax Bills Across Lone Oak, Texas
In Lone Oak, the property tax bill is calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the Hopkins County Appraisal District, which evaluates the property to estimate its market value. Homeowners in Lone Oak experience a range of tax bills, with the 25th percentile paying around $895 and the 75th percentile paying up to $3,512. At the 90th percentile, tax bills can reach $4,310. The median home price in Lone Oak is $185,355, and the local property tax rate plays a significant role in determining the final bill. Compared to the national median property tax rate of 0.99%, Lone Oak homeowners may find their tax bills to be relatively higher or lower depending on their property's assessed value. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Lone Oak Tax Bill
$2,081
Average Hopkins County Tax Bill
$1,733
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lone Oak, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75453 | $454 | $895 | $2,081 | $3,512 | $4,310 |
Source: Ownwell
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 15 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Hopkins Appraisal District | |
| Website | iswdataclient.azurewebsites.net |