Lipan, Texas Property Taxes
The median property tax rate in Lipan, TX is 1.67%, which is considerably higher than the national median of 0.99%. With the median home value in Lipan being $130,335, the typical annual property tax bill reaches $1,957, still below the national median of $2,690. Property taxes in Lipan are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lipan'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 Lipan 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
Lipan, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$2,177
$2,020
Ownwell’s Lipan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lipan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lipan 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 Lipan, Texas
Property taxes in Lipan, Texas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lipan is 1.67%, significantly higher than both the Texas state median of 1.66% and the U.S. national median of 0.99%. Local government entities within Lipan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lipan 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 Lipan's effective property tax rate to other counties in Texas and the national median. For comparison, the 76462 zip code has the highest median property tax rate of 1.67%, while the same 76462 zip code also has the lowest median tax rate of 1.67%. Understanding how these cities compare with Lipan provides valuable insights into the varying tax landscape across Palo Pinto County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lipan Tax Rate
1.67%
Average Palo Pinto County Tax Rate
1.57%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lipan, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76462 | 1.06% | 1.42% | 1.67% | 1.72% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Lipan, Texas
In Lipan, 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 Palo Pinto 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 Lipan, 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 Lipan is $130,335, with tax bills ranging from $1,013 at the 25th percentile to $6,757 at the 90th percentile. The zip code 76462 has both the highest and lowest median tax bill at $1,957. 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 Lipan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lipan Assessed Value
$130,335
Average Palo Pinto County Assessed Value
$144,560
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lipan, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76462 | $25,866 | $65,875 | $130,335 | $269,825 | $417,580 |
Source: Ownwell
Property Tax Bills Across Lipan, Texas
In Lipan, Palo Pinto County, TX, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county appraisal district, which evaluates your property's market value. Once the market value is established, it's multiplied by the local tax rate to determine your annual tax bill. For instance, with a median home price of $130,335 and a tax rate that typically hovers around the national median of 0.99%, homeowners can expect an average tax bill. However, actual tax bills can vary significantly. The 25th percentile tax bill is around $1,013, while the 75th percentile reaches approximately $3,955. At the higher end, the 90th percentile tax bill can escalate to $6,757. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners should be aware of these factors as they directly influence their annual financial obligations and the overall affordability of their homes.
Average Lipan Tax Bill
$1,957
Average Palo Pinto County Tax Bill
$2,369
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lipan, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76462 | $423 | $1,013 | $1,957 | $3,955 | $6,757 |
Source: Ownwell
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 15 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Palo Pinto Appraisal District | |
| Website | iswdataclient.azurewebsites.net |