Lipscomb, Texas Property Taxes
The median property tax rate in Lipscomb, TX is 0.79%, considerably lower than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Lipscomb at $74,305, the typical annual property tax bill reaches $573, far below the national median of $2,690. Property taxes in Lipscomb 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 Lipscomb'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 Lipscomb or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lipscomb, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$587
$543
Ownwell’s Lipscomb Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lipscomb with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lipscomb 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 Lipscomb, Texas
Property taxes in Lipscomb, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lipscomb is 0.79%, lower than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Lipscomb set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lipscomb 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 Lipscomb's effective property tax rate to other counties in Texas and the national median. For comparison, the 79056 zip code has the highest median property tax rate of 0.79%, while the 79056 zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Lipscomb provides valuable insights into the varying tax landscape across Lipscomb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lipscomb Tax Rate
0.79%
Average Lipscomb County Tax Rate
2.36%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lipscomb, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79056 | 0.69% | 0.77% | 0.79% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Lipscomb, Texas
In Lipscomb, 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 Lipscomb, 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 example, the median home price in Lipscomb is $74,305, with property tax bills ranging from $246 at the 25th percentile to $1,769 at the 90th percentile. The zip code with the highest and lowest median tax bill is 79056, with a consistent value of $573. 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 Lipscomb helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lipscomb Assessed Value
$74,305
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, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79056 | $4,385 | $31,925 | $74,305 | $115,088 | $220,395 |
Source: Ownwell
Property Tax Bills Across Lipscomb, Texas
Property tax bills in Lipscomb, TX, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. For homeowners in Lipscomb, the median home price stands at $74,305. The property tax rate in this area is evaluated to align with local funding requirements for public services like schools and infrastructure. In Lipscomb, the tax bill can vary significantly. For example, the 25th percentile tax bill is around $246, while the 75th percentile tax bill reaches approximately $900. At the 90th percentile, homeowners may see tax bills as high as $1,769. These figures demonstrate the range of property tax obligations homeowners might face, depending on their property’s assessed value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Lipscomb's tax rates and bills offer a unique perspective on how local policies impact homeowners financially.
Average Lipscomb Tax Bill
$573
Average Lipscomb County Tax Bill
$613
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lipscomb, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79056 | $32 | $246 | $573 | $900 | $1,769 |
Source: Ownwell