Petty, Texas Property Taxes
The median property tax rate in Petty, TX is 0.48%, considerably lower than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Petty, the typical annual property tax bill reaches $275, significantly below the national median of $2,690. Property taxes in Petty 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 Petty'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 Petty or another part of Lamar County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Petty, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
Ownwell’s Petty Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Petty with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petty 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 Petty, Texas
Property taxes in Petty, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Petty is 0.48%, lower than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Petty set these rates annually, and they can vary significantly across different neighborhoods. Each year, Petty 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 Petty's effective property tax rate to other counties in Texas and the national median. For comparison, the 75470 zip code has both the highest and lowest median property tax rate of 0.48%. Understanding how these cities compare with Petty provides valuable insights into the varying tax landscape across Lamar County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Petty Tax Rate
0.48%
Average Lamar County Tax Rate
1.12%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Petty, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75470 | 0.20% | 0.22% | 0.48% | 0.99% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Petty, Texas
In Petty, 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 Lamar 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 Petty, 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. For instance, the highest median tax bill in the area is $275 in the 75470 zip code, while the lowest median tax bill is also $275 in the same zip code. 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 Petty helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Petty Assessed Value
$80,665
Average Lamar County Assessed Value
$126,530
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Petty, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75470 | $23,760 | $61,275 | $80,665 | $108,372 | $128,575 |
Source: Ownwell
Property Tax Bills Across Petty, Texas
In Petty, located in Lamar County, TX, property tax bills are calculated based on the assessed value of a property. The assessed value is typically a percentage of the market value, determined by the county appraisal district. Homeowners in Petty can expect their tax bills to vary widely. For example, the 25th percentile tax bill is around $179, while the 75th percentile tax bill reaches $789. At the higher end, the 90th percentile tax bill can be as much as $1,292. These tax bills are influenced by several factors, including the assessed value of the property, applicable exemptions, and the set tax rate. The median home price in Petty is $80,665, which is relatively low compared to national standards. This lower median home price helps keep the overall tax burden manageable for most homeowners. However, the tax rate in Petty can still impact homeowners significantly, especially when compared to the national median property tax rate of 0.99%.
Average Petty Tax Bill
$275
Average Lamar County Tax Bill
$1,230
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Petty, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75470 | $113 | $179 | $275 | $789 | $1,292 |
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 | |
|---|---|
| Lamar Appraisal District | |
| Website | esearch.lamarcad.org |