Lakeway, Texas Property Taxes
The median property tax rate in Lakeway, TX is 1.01%, slightly higher than the national median of 0.99% but lower than the Texas state median of 1.67%. With the median home value in Lakeway, the typical annual property tax bill reaches $7,805, significantly exceeding the national median of $2,690. Property taxes in Lakeway are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lakeway'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 Lakeway 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
Lakeway, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$7,561
$6,996
$1,148
Average Lakeway, Texas Tax Savings
Ownwell’s Lakeway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeway 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 Lakeway. 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 Lakeway, Texas
Property taxes in Lakeway, Texas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeway is 1.01%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Lakeway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakeway 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. For comparison, the 78738 zip code has the highest median property tax rate of 1.18%, while the 78734 zip code has the lowest median tax rate of 1.00%. Understanding how these cities compare with Lakeway provides valuable insights into the varying tax landscape across Travis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakeway Tax Rate
1.01%
Average Travis County Tax Rate
1.31%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakeway, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78734 | 0.64% | 0.80% | 1.00% | 1.50% | 1.90% |
| 78738 | 0.75% | 0.96% | 1.18% | 1.63% | 2.05% |
Source: Ownwell
$1,148
Average Lakeway Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Lakeway, Texas
In Lakeway, 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 Travis 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 Lakeway, 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. For instance, the highest median tax bill in Lakeway is $9,652 in the 78738 zip code, while the lowest is $7,727 in the 78734 zip code. Being aware of these valuation processes in Lakeway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lakeway Assessed Value
$748,597
Average Travis County Assessed Value
$537,591
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakeway, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78734 | $456,486 | $620,227 | $749,673 | $930,178 | $1,205,122 |
| 78738 | $427,333 | $555,318 | $718,806 | $1,023,301 | $1,246,951 |
Source: Ownwell
$1,148
Average Lakeway Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Lakeway, Texas
Property tax bills in Lakeway, Travis County, TX, are calculated based on the assessed value of a homeowner's property, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate. In Lakeway, the median home price is $748,597, and the property tax rate is higher than the national median of 0.99%. This results in varying tax bills, with the 25th percentile at $5,636 and the 75th percentile at $11,362. High-value properties can see tax bills soaring to $16,232 at the 90th percentile. Several factors influence the tax bill, including property size, location, and market conditions. For homeowners, these taxes can be a significant financial burden. Ownwell helps homeowners by providing property tax appeal and exemption services, potentially lowering their tax bills. By leveraging expert knowledge and local market data, Ownwell ensures that homeowners pay a fair amount, helping them save money and reduce financial stress.
Average Lakeway Tax Bill
$7,805
Average Travis County Tax Bill
$7,669
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeway, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78734 | $3,938 | $5,623 | $7,727 | $11,142 | $16,012 |
| 78738 | $4,080 | $5,821 | $9,652 | $13,170 | $22,262 |
Source: Ownwell
$1,148
Average Lakeway Tax Savings
Save on your property taxes & more with 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 | |
|---|---|
| Travis Appraisal District | |
| Phone | (512) 834-9317 |
| Website | stage.travis.prodigycad.com |
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