Lubbock, Texas Property Taxes
The median property tax rate in Lubbock, TX is 1.18%, slightly higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $253,390 in Lubbock, the typical annual property tax bill amounts to $2,748, which is just below the national median of $2,690. Property taxes in Lubbock are calculated based on the assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural land. By understanding Lubbock's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether residing in the heart of Lubbock or its surrounding areas, a thorough grasp of the local property tax system is invaluable.
Last Updated June 14, 2024
Lubbock, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$2,990
$2,775
Ownwell’s Lubbock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lubbock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lubbock 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 Lubbock, Texas
Property taxes in Lubbock, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lubbock is 1.18%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Lubbock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lubbock 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 Lubbock's effective property tax rate to other counties in Texas and the national median. For comparison, the zip code 79423 has the highest median property tax rate of 1.18%, while 79424 has the lowest median tax rate of 0.54%. Understanding how these cities compare with Lubbock provides valuable insights into the varying tax landscape across Lynn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lubbock Tax Rate
1.18%
Average Lynn County Tax Rate
1.99%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lubbock, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79423 | 0.64% | 1.04% | 1.18% | 1.46% | 2.01% |
| 79424 | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Lubbock, Texas
In Lubbock, 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 Central 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 Lubbock, 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. The median home price in Lubbock is $253,390, with tax bills ranging from $1,501 at the 25th percentile to $6,210 at the 90th percentile. Notably, the highest median tax bill is found in zip code 79424 at $5,930, while the lowest is in zip code 79423 at $2,729. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lubbock Assessed Value
$253,390
Average Lynn County Assessed Value
$78,045
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lubbock, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79423 | $78,908 | $151,982 | $248,935 | $301,670 | $424,601 |
| 79424 | $1,105,230 | $1,105,230 | $1,105,230 | $1,105,230 | $1,105,230 |
Source: Ownwell
Property Tax Bills Across Lubbock, Texas
In Lubbock, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The median home price in Lubbock is $253,390, and the tax rate is applied to this assessed value to calculate the annual tax bill. Various factors influence this calculation, including the property's location, improvements, and market conditions. For homeowners in Lubbock, tax bills can vary widely. At the 25th percentile, the tax bill is around $1,501, while at the 75th percentile, it rises to approximately $4,485. For those at the 90th percentile, the tax bill can reach up to $6,210. The highest median tax bill in Lubbock is found in the 79424 zip code, amounting to $5,930, whereas the lowest median tax bill is in the 79423 zip code, at $2,729. Understanding these factors helps homeowners anticipate their annual expenses and plan accordingly, ensuring they are prepared for their property tax obligations.
Average Lubbock Tax Bill
$2,748
Average Lynn County Tax Bill
$1,669
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lubbock, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79423 | $435 | $1,367 | $2,729 | $3,857 | $6,219 |
| 79424 | $5,930 | $5,930 | $5,930 | $5,930 | $5,930 |
Source: Ownwell