Lockney, Texas Property Taxes
The median property tax rate in Lockney, TX is 1.31%, which is notably higher than the national median of 0.99%, though lower than Texas's state median of 1.67%. With a median home value of $159,230 in Lockney, the typical annual property tax bill amounts to $2,088, still under the national median of $2,690. Property taxes in Lockney are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lockney'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 Lockney 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
Lockney, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,086
$1,936
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 1.31%, higher than both the Texas state median 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 1.31%, while the 79241 zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with Lockney provides valuable insights into the varying tax landscape across Swisher County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lockney Tax Rate
1.31%
Average Swisher County Tax Rate
1.97%
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 | 1.31% | 1.31% | 1.31% | 1.31% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Lockney, Texas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lockney, Texas. 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 local 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 Lockney, 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 Lockney helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lockney, the median home price is $159,230, with the highest median tax bill found in the 79241 zip code, amounting to $2,088. Interestingly, the lowest median tax bill is also in the 79241 zip code, at the same value of $2,088. This uniformity suggests a consistent tax environment within the area.
Average Lockney Assessed Value
$159,230
Average Swisher County Assessed Value
$61,350
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 | $159,230 | $159,230 | $159,230 | $159,230 | $159,230 |
Source: Ownwell
Property Tax Bills Across Lockney, Texas
In Lockney, Swisher County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the county appraisal district. The median home price in Lockney stands at $159,230, and property tax rates are applied to this assessed value to determine the tax bill. Several factors influence the assessed value, including the property's market value, improvements, and any applicable exemptions. Homeowners in Lockney can expect a median property tax bill of $2,088, which is higher than the national median property tax rate of 0.99%. This tax bill remains consistent across various percentiles, indicating a stable tax rate in the area. The tax bill impacts homeowners by contributing to local services such as schools, infrastructure, and emergency services. Understanding how these factors interplay helps homeowners anticipate their financial obligations and the benefits they receive from their property taxes.
Average Lockney Tax Bill
$2,088
Average Swisher County Tax Bill
$1,000
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 | $2,088 | $2,088 | $2,088 | $2,088 | $2,088 |
Source: Ownwell