Lipscomb County, Texas Property Taxes
The median property tax rate in Lipscomb County is 2.36%, which is significantly higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Lipscomb County at $31,530, the typical annual property tax bill reaches $613, which is lower than the national median of $2,690. Property taxes in Lipscomb County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Lipscomb County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Lipscomb or another part of Lipscomb County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lipscomb County, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.36%
Estimate Property Tax Bill
$744
$691
Ownwell’s Lipscomb County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Lipscomb County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Lipscomb County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Lipscomb County, Texas
Property taxes in Lipscomb County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Lipscomb County is 2.36%, which is higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Lipscomb County set these rates annually, and they can vary significantly between different areas within the county. Each year, Lipscomb County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Lipscomb County's effective property tax rate with other counties in Texas and the national median. For comparison, the city of Darrouzett has one of the higher property tax rates in Texas at 3.82%, while the city of Lipscomb boasts one of the lowest at 0.79%. Analyzing how Lipscomb County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Lipscomb County Tax Rate
2.36%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Lipscomb County, Texas
In Lipscomb County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Lipscomb County Appraisal District. The assessed value, however, 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. Assessment notices in Lipscomb County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Perryton has the highest median tax bill at $1,566, while Higgins has the lowest at $199. Being aware of these valuation processes in Lipscomb County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Lipscomb County Assessed Value
$31,530
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lipscomb County, Texas
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Booker | $4,100 | $15,520 | $46,310 | $72,460 | $98,588 |
| Canadian | $2,981 | $21,498 | $56,915 | $85,895 | $107,195 |
| Darrouzett | $1,584 | $7,158 | $23,355 | $46,840 | $72,106 |
| Follett | $3,280 | $11,840 | $33,370 | $67,390 | $86,450 |
| Higgins | $1,404 | $5,100 | $16,810 | $41,760 | $72,878 |
| Lipscomb | $4,385 | $31,925 | $74,305 | $115,088 | $220,395 |
| Perryton | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Lipscomb County, Texas
In Lipscomb County, TX, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value of the property, which is determined by the county appraisal district. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For instance, homeowners in Lipscomb County experience a range of tax bills. The 25th percentile tax bill is $188, while the 75th percentile tax bill is $1,370. At the 90th percentile, homeowners can expect to pay around $2,155. Comparatively, the highest median tax bill in the county is found in Perryton at $1,566, whereas Higgins has the lowest at $199. These tax bills can significantly impact homeowners, influencing their annual budgeting and long-term financial planning. With the national median property tax rate at 0.99%, Lipscomb County's rates offer a glimpse into the varying financial obligations homeowners face within the region.
Average Lipscomb County Tax Bill
$613
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690