Tahoka, Texas Property Taxes
The median property tax rate in Tahoka, TX is 2.20%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $64,540 in Tahoka, the typical annual property tax bill reaches $1,731, still below the national median of $2,690. Property taxes in Tahoka 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 Tahoka'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 Tahoka 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
Tahoka, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.2%
Estimate Property Tax Bill
$1,420
$1,318
Ownwell’s Tahoka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tahoka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tahoka 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 Tahoka, Texas
Property taxes in Tahoka, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tahoka is 2.20%, significantly higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Tahoka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tahoka 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 Tahoka's effective property tax rate to other counties in Texas and the national median. For comparison, the 79373 zip code has the highest median property tax rate of 2.20%, while the same zip code also has the lowest median tax rate of 2.20%. Understanding how these cities compare with Tahoka 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 Tahoka Tax Rate
2.20%
Average Lynn County Tax Rate
1.99%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tahoka, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79373 | 1.05% | 1.52% | 2.20% | 3.34% | 4.69% |
Source: Ownwell
Property Tax Assessment Values Across Tahoka, Texas
In Tahoka, 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 Lynn 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 Tahoka, 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 Tahoka helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Tahoka is $1731.00 in the zip code 79373, while the lowest median tax bill is also $1731.00 in the same zip code.
Average Tahoka Assessed Value
$64,540
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 Tahoka, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79373 | $13,420 | $29,415 | $64,540 | $188,648 | $329,844 |
Source: Ownwell
Property Tax Bills Across Tahoka, Texas
In Tahoka, located in Lynn County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the Lynn County Appraisal District, which evaluates the market value of properties. The local tax rate is then applied to this assessed value to determine the annual property tax bill. For homeowners in Tahoka, the median home price is $64,540. Property tax bills can vary significantly, with the 25th percentile at $725 and the 75th percentile reaching $3,276. The 90th percentile tax bill is notably higher at $5,660. These figures highlight the range of property tax burdens faced by homeowners in the area. Compared to the national median property tax rate of 0.99%, homeowners in Tahoka experience varying tax bills due to differences in assessed property values and local tax rates. Understanding these factors is crucial for homeowners as they directly impact their annual financial obligations.
Average Tahoka Tax Bill
$1,731
Average Lynn County Tax Bill
$1,669
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Tahoka, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79373 | $317 | $725 | $1,731 | $3,276 | $5,660 |
Source: Ownwell