Lake Worth, Texas Property Taxes
The median property tax rate in Lake Worth, TX is 1.48%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Lake Worth at $260,455, the typical annual property tax bill reaches $3,802, exceeding the national median of $2,690. Property taxes in Lake Worth are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lake Worth'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 Lake Worth 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
Lake Worth, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$3,855
$3,567
$1,148
Average Lake Worth, Texas Tax Savings
Ownwell’s Lake Worth Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake Worth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Worth to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Lake Worth. 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 Lake Worth, Texas
Property taxes in Lake Worth, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Worth is 1.48%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Lake Worth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Worth 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 Lake Worth's effective property tax rate to other counties in Texas and the national median. For comparison, the 76135 zip code has the highest median property tax rate of 1.48%, while the 76135 zip code also has the lowest median tax rate of 1.48%. Understanding how these cities compare with Lake Worth provides valuable insights into the varying tax landscape across Tarrant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Worth Tax Rate
1.48%
Average Tarrant County Tax Rate
1.70%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Worth, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76135 | 0.31% | 0.82% | 1.48% | 1.99% | 2.41% |
Source: Ownwell
$1,148
Average Lake Worth Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Lake Worth, Texas
In Lake Worth, 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 Tarrant 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 Lake Worth, 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 Lake Worth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3802 in zip code 76135, while the lowest is also $3802 in the same zip code.
Average Lake Worth Assessed Value
$260,455
Average Tarrant County Assessed Value
$306,713
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Worth, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76135 | $140,557 | $177,056 | $260,455 | $323,591 | $375,858 |
Source: Ownwell
$1,148
Average Lake Worth Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Lake Worth, Texas
In Lake Worth, Tarrant County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the Tarrant Appraisal District. The tax rate is then applied to this assessed value to generate the tax bill. Factors such as the home's size, location, and condition can influence its assessed value. For instance, with a median home price of $260,455, Lake Worth homeowners face varying tax bills, from the 25th percentile at $1,878 to the 90th percentile at $6,959. This variability can significantly impact household budgets, especially when compared to the national median property tax rate of 0.99%. Ownwell helps homeowners save on property tax bills by providing expert property tax appeal and exemption services. By thoroughly reviewing your property’s assessed value, Ownwell can identify discrepancies and file appeals to ensure you’re not overpaying. This service can be particularly beneficial in areas like Lake Worth, where tax bills can be substantial, helping homeowners achieve significant savings and financial relief.
Average Lake Worth Tax Bill
$3,802
Average Tarrant County Tax Bill
$5,114
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Worth, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76135 | $490 | $1,878 | $3,802 | $5,068 | $6,959 |
Source: Ownwell
$1,148
Average Lake Worth Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 24 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Tarrant Appraisal District | |
| Phone | (817) 284-0024 |
| Website | www.tad.org |
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