Ransom Canyon, Texas Property Taxes
The median property tax rate in Ransom Canyon, TX is 2.05%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Ransom Canyon at $347,704, the typical annual property tax bill reaches $7,011, exceeding the national median of $2,690. Property taxes in Ransom Canyon 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 Ransom Canyon'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 Ransom Canyon 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
Ransom Canyon, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.05%
Estimate Property Tax Bill
$7,128
$6,615
$1,148
Average Tax Savings
Ownwell’s Ransom Canyon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ransom Canyon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ransom Canyon to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Ransom Canyon. 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 Ransom Canyon, Texas
Property taxes in Ransom Canyon, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ransom Canyon is 2.05%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Ransom Canyon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ransom Canyon 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 Ransom Canyon's effective property tax rate to other counties in Texas and the national median. For comparison, the 79366 zip code has the highest median property tax rate of 2.05%, while the 79366 zip code has the lowest median tax rate of 2.05%. Understanding how these cities compare with Ransom Canyon provides valuable insights into the varying tax landscape across Lubbock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ransom Canyon Tax Rate
2.05%
Average Lubbock County Tax Rate
1.86%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ransom Canyon, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79366 | 1.81% | 1.85% | 2.05% | 2.17% | 2.36% |
Source: Ownwell
$1,148
Average Ransom Canyon Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Ransom Canyon, Texas
In Ransom Canyon, 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 Lubbock 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 Ransom Canyon, 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. Being aware of these valuation processes in Ransom Canyon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $7,011, found in the 79366 zip code.
Average Ransom Canyon Assessed Value
$347,704
Average Lubbock County Assessed Value
$190,386
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ransom Canyon, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79366 | $226,472 | $274,183 | $347,704 | $449,204 | $562,197 |
Source: Ownwell
$1,148
Average Ransom Canyon Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Ransom Canyon, Texas
In Ransom Canyon, located in Lubbock County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $347,704. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $5,336 and the 75th percentile at $9,350. The highest median tax bill recorded is $7,011 in the 79366 zip code. These figures highlight the substantial impact that property taxes can have on household finances. Factors considered in determining the tax bill include the assessed property value and any applicable exemptions or deductions. With a local tax rate higher than the national median of 0.99%, homeowners in Ransom Canyon may find their tax burdens particularly heavy. Ownwell can help homeowners reduce their property tax bills by providing expert appeal and exemption services. By accurately assessing property values and identifying potential savings, Ownwell ensures that homeowners pay no more than their fair share, potentially saving thousands of dollars annually.
Average Ransom Canyon Tax Bill
$7,011
Average Lubbock County Tax Bill
$3,513
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Ransom Canyon, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79366 | $4,378 | $5,336 | $7,011 | $9,350 | $12,262 |
Source: Ownwell
$1,148
Average Ransom Canyon Tax Savings
Save on your property taxes & more with 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 | |
|---|---|
| Lubbock Appraisal District | |
| Phone | (806) 762-5000 |
| Website | lubbockcad.org |
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