Lockney, Texas Property Taxes
The median property tax rate in Lockney, TX is 1.45%, which is higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With a median home value of $26,410 in Lockney, the typical annual property tax bill amounts to $383, significantly below the national median of $2,690. Property taxes in Lockney are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural land. Understanding Lockney's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lockney or another part of Motley County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lockney, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.45%
Estimate Property Tax Bill
$383
$355
Ownwell’s LOCKNEY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LOCKNEY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LOCKNEY 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 Lockney, Texas
Property taxes in Lockney, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lockney is 1.45%, higher than both the Texas state median of 1.80% and the U.S. national median of 0.99%. Local government entities within Lockney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lockney 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 Lockney's effective property tax rate to other counties in Texas and the national median. For comparison, the 79241 zip code has the highest median property tax rate of 1.45%, while the 79241 zip code also has the lowest median tax rate of 1.45%. Understanding how these cities compare with Lockney 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 Lockney Tax Rate
1.45%
Average Motley County Tax Rate
1.72%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lockney, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79241 | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Lockney, Texas
In Lockney, 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 Motley 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. Assessment notices in Lockney 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 Lockney helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lockney are both $383, found in the 79241 zip code.
Average Lockney Assessed Value
$26,410
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 Lockney, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79241 | $26,410 | $26,410 | $26,410 | $26,410 | $26,410 |
Source: Ownwell
Property Tax Bills Across Lockney, Texas
In Lockney, located in Motley County, TX, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. In this region, the median home price is $26,410. Property taxes are then calculated by applying the local tax rate to this assessed value. Lockney's property tax rate is competitive compared to the national median property tax rate of 0.99%. For homeowners, the tax bill can significantly impact their annual expenses. For instance, the 25th, 75th, and 90th percentile tax bills in Lockney all stand at $383, which is relatively consistent across different property values. This stability in tax bills can provide homeowners with a predictable financial outlook, making it easier to budget for their annual expenses. However, even with lower property values, the tax rate ensures that necessary public services and infrastructure are adequately funded, benefiting the entire community.
Average Lockney Tax Bill
$383
Average Motley County Tax Bill
$376
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lockney, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79241 | $383 | $383 | $383 | $383 | $383 |
Source: Ownwell