Loraine, Texas Property Taxes
The median property tax rate in Loraine, TX is 1.85%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Loraine at $55,050, the typical annual property tax bill reaches $917, which is significantly lower than the national median of $2,690. Property taxes in Loraine are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Loraine'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 Loraine or another part of Mitchell County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Loraine, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.85%
Estimate Property Tax Bill
$1,018
$945
Ownwell’s Loraine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loraine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loraine 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 Loraine, Texas
Property taxes in Loraine, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loraine is 1.85%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Loraine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loraine 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 Loraine's effective property tax rate to other counties in Texas and the national median. For comparison, the 79532 zip code has the highest median property tax rate of 1.85%, while the same zip code also has the lowest median tax rate of 1.85%. Understanding how these cities compare with Loraine provides valuable insights into the varying tax landscape across Mitchell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loraine Tax Rate
1.85%
Average Mitchell County Tax Rate
1.88%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loraine, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79532 | 0.66% | 1.13% | 1.85% | 2.90% | 3.06% |
Source: Ownwell
Property Tax Assessment Values Across Loraine, Texas
In Loraine, 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 Mitchell 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 Loraine, 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 Loraine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $55,050, with the highest median tax bill being $917 in zip code 79532.
Average Loraine Assessed Value
$55,050
Average Mitchell County Assessed Value
$57,050
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loraine, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79532 | $9,257 | $26,423 | $55,050 | $111,758 | $252,531 |
Source: Ownwell
Property Tax Bills Across Loraine, Texas
In Loraine, located in Mitchell 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 county assessor and reflects the market value of the property. For instance, with a median home price of $55,050, homeowners can expect their property taxes to be calculated using this value as a base. Several factors influence the final tax bill, including the local tax rate and any applicable exemptions. In Loraine, property tax bills can vary significantly, with the 25th percentile at $437 and the 75th percentile reaching $1,723. For those at the higher end, the 90th percentile tax bill can be as much as $3,054. These taxes fund essential services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Loraine's tax rates can be relatively high, impacting homeowners by increasing their annual financial obligations.
Average Loraine Tax Bill
$917
Average Mitchell County Tax Bill
$1,077
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Loraine, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79532 | $181 | $437 | $917 | $1,723 | $3,054 |
Source: Ownwell