Lexington, Lee County, Texas Property Taxes

Local government entities are responsible for setting tax rates, which can vary significantly within a state. Each year, counties estimate their budgetary needs to fund services and divide this amount by the total value of all taxable properties in their area. This process results in the property tax rate. Although votes and regulations play a role in determining tax rates and budgets, this is the basic annual procedure.

You can compare Lexington’s effective property tax rate to other cities in Texas and the median property tax rates in Texas and the U.S. The median property tax rate in Texas is 1.26%, which is higher than the national median of 1.02%. This means that property owners in Lexington may face higher tax bills compared to the national average. Understanding these differences can help property owners make informed decisions about their investments and tax obligations. By being aware of these variations, property owners can better navigate their property tax responsibilities and potentially identify opportunities for appeals or exemptions.

In Lexington, located in Lee County, TX, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is based on the market value of the property, which can fluctuate due to changes in the real estate market. Homeowners in Lexington experience a median property tax bill of $2,794, slightly above the national median of $2,400. This can place a financial burden on homeowners, especially when the tax bill reaches the 90th percentile at $6,242. Factors such as property improvements or changes in the local tax rate can also impact the final tax bill.

Ownwell offers valuable assistance to homeowners by providing property tax appeal and exemption services. By analyzing local market trends and comparable property assessments, Ownwell can help identify potential discrepancies in a homeowner's assessed value. This can lead to successful tax appeals, resulting in significant savings on property tax bills. Homeowners can rely on Ownwell's expertise to ensure they are not overpaying on their property taxes.