Lovelady, Texas Property Taxes
The median property tax rate in Lovelady, TX is 1.32%, which is higher than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $172,610, the typical annual property tax bill in Lovelady reaches $2,279, slightly below the national median of $2,690. Property taxes in Lovelady are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lovelady'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 Lovelady 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
Lovelady, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$2,278
$2,114
Ownwell’s Lovelady Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lovelady with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Lovelady to provide an estimated property tax bill. This valuable 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 Lovelady, Texas
Property taxes in Lovelady, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lovelady is 1.32%, higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Lovelady set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lovelady 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 Lovelady's effective property tax rate to other counties in Texas and the national median. For comparison, the 75851 zip code has the highest median property tax rate of 1.32%, while also having the lowest median tax rate of 1.32%. Understanding how these cities compare with Lovelady provides valuable insights into the varying tax landscape across Walker County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lovelady Tax Rate
1.32%
Average Walker County Tax Rate
1.45%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lovelady, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75851 | 1.32% | 1.32% | 1.32% | 1.32% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Lovelady, Texas
In Lovelady, 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 Walker 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 Lovelady, 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. For instance, the zip code 75851 has the highest median tax bill at $2,279, which is also the lowest median tax bill in the area. 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 Lovelady helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lovelady Assessed Value
$172,610
Average Walker County Assessed Value
$180,510
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lovelady, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75851 | $172,610 | $172,610 | $172,610 | $172,610 | $172,610 |
Source: Ownwell
Property Tax Bills Across Lovelady, Texas
In Lovelady, Walker County, TX, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. Factors such as the home's location, size, and market value play a significant role in determining the assessed value. For homeowners in Lovelady, the median home price is $172,610, and the typical tax bill is around $2,279, which is higher than the national median property tax rate of 0.99%. This tax rate affects homeowners by contributing to their annual financial obligations and influencing their overall cost of living. Higher property taxes can impact affordability, potentially affecting decisions related to homeownership and long-term financial planning. Conversely, property taxes fund essential community services such as schools, infrastructure, and public safety, providing tangible benefits to residents. Understanding how property tax bills are calculated helps homeowners better manage their finances and plan for future expenses.
Average Lovelady Tax Bill
$2,279
Average Walker County Tax Bill
$2,299
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lovelady, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75851 | $2,279 | $2,279 | $2,279 | $2,279 | $2,279 |
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 | |
|---|---|
| Walker Appraisal District | |
| Website | esearch.walkercad.org |