Canadian, Lipscomb County, Texas Property Taxes
The median property tax rate in Canadian, TX is 0.81%, considerably lower than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Canadian at $56,915, the typical annual property tax bill reaches $681, significantly below the national median of $2,690. Property taxes in Canadian 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 Canadian'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 Canadian 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
Canadian, Lipscomb County, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$461
$428
Ownwell’s Canadian Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canadian with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canadian 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 Canadian, Lipscomb County, Texas
Property taxes in Canadian, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canadian is 1.24%, higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Canadian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canadian 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 Canadian's effective property tax rate to other counties in Texas and the national median. For comparison, the 79014 zip code has the highest median property tax rate of 1.24%, while the same 79014 zip code has the lowest median tax rate of 1.24%. Understanding how these cities compare with Canadian provides valuable insights into the varying tax landscape across Hemphill County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canadian Tax Rate
0.81%
Average Lipscomb County Tax Rate
2.36%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canadian, Lipscomb County, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79014 | 0.76% | 0.80% | 0.81% | 1.41% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Canadian, Lipscomb County, Texas
In Canadian, 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 Lipscomb 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 Canadian, 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. With the highest median tax bill at $681 in zip code 79014 and the lowest also at $681 in the same zip code, being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Canadian, Lipscomb County, Texas
Source: Ownwell
$16,810
$45,558
$74,305
Average Canadian Assessed Value
$56,915
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 Canadian, Lipscomb County, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79014 | $2,981 | $21,498 | $56,915 | $85,895 | $107,195 |
Source: Ownwell
Property Tax Bills Across Canadian, Lipscomb County, Texas
In Canadian, located in Lipscomb County, TX, property tax bills are calculated based on the assessed value of a property. The local tax rate is applied to this assessed value to determine the tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements made to it. For homeowners in Canadian, the median home price is $56,915. Property tax bills can vary significantly, with the 25th percentile tax bill at $263 and the 75th percentile reaching $1,132. At the 90th percentile, homeowners might see tax bills as high as $1,610. Comparing these figures to the national median property tax rate of 0.99%, Canadian's property taxes can be seen as relatively moderate. The highest and lowest median tax bill in the area is $681, both found in the 79014 zip code. These property tax bills impact homeowners by affecting their annual expenses, potentially influencing their decisions on home improvements and property investments.
Average Canadian Tax Bill
$681
Average Lipscomb County Tax Bill
$613
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Canadian, Lipscomb County, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79014 | $38 | $263 | $681 | $1,132 | $1,610 |
Source: Ownwell