Floydada, Texas Property Taxes
The median property tax rate in Floydada, TX is 0.55%, significantly lower than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Floydada, the typical annual property tax bill reaches $994, well below the national median of $2,690. Property taxes in Floydada 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 Floydada'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 Floydada 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
Floydada, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$987
$915
Ownwell’s Floydada Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a quick and easy way to estimate their annual property taxes in Floydada using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Floydada to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities, making it easier to plan your finances. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property's assessed value is the amount assigned by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Floydada, Texas
Property taxes in Floydada, Texas, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Floydada is 1.38%, which is higher than both the Texas state median of 1.81% and the U.S. national median of 0.99%. Local government entities within Floydada set these rates annually, and they can vary significantly across different neighborhoods. Each year, Floydada 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 Floydada's effective property tax rate to other counties in Texas and the national median. For comparison, the 79235 zip code has the highest median property tax rate of 1.38%, while the same zip code also has the lowest median tax rate of 1.38%. Understanding how these cities compare with Floydada provides valuable insights into the varying tax landscape across Motley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Floydada Tax Rate
0.55%
Average Motley County Tax Rate
1.72%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Floydada, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79235 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Floydada, Texas
In Floydada, 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 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 Floydada, 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 Floydada 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 $994, found in the zip code 79235.
Average Floydada Assessed Value
$179,370
Average Motley County Assessed Value
$28,970
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Floydada, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79235 | $179,370 | $179,370 | $179,370 | $179,370 | $179,370 |
Source: Ownwell
Property Tax Bills Across Floydada, Texas
In Floydada, located in Motley 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 appraisal district, which evaluates the property's market value. For Floydada, the median home price is $179,370. The local tax rate is then applied to this assessed value to compute the tax bill. Several factors influence the tax bill, including property characteristics, market conditions, and any applicable exemptions. In Floydada, the tax bill for the 25th, 75th, and 90th percentiles is consistently $994, highlighting a uniform tax rate across various property values. This uniformity simplifies the tax calculation for homeowners, ensuring predictability in their annual expenses. Compared to the national median property tax rate of 0.99%, Floydada's tax rate results in a relatively moderate tax bill. For homeowners, this means a manageable annual expense, contributing to the overall affordability of living in Floydada.
Average Floydada Tax Bill
$994
Average Motley County Tax Bill
$376
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Floydada, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79235 | $994 | $994 | $994 | $994 | $994 |
Source: Ownwell