Lexington, Texas Property Taxes
The median property tax rate in Lexington, TX is 2.31%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Lexington at $348,626, the typical annual property tax bill reaches $4,115, exceeding the national median of $2,690. Property taxes in Lexington are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lexington'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 Lexington 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
Lexington, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.31%
Estimate Property Tax Bill
$8,053
$7,473
$1,148
Average Tax Savings
Ownwell’s Lexington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lexington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lexington 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 Lexington. 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 Lexington, Texas
Property taxes in Lexington, Texas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lexington is 2.31%, significantly higher than both the Texas state median and the U.S. national median of 0.99%. Local government entities within Lexington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lexington 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 Lexington's effective property tax rate to other counties in Texas and the national median. For comparison, the 78947 zip code has the highest median property tax rate of 2.31%, while the same zip code also has the lowest median tax rate of 2.31%. Understanding how these cities compare with Lexington provides valuable insights into the varying tax landscape across Williamson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lexington Tax Rate
2.31%
Average Williamson County Tax Rate
1.78%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lexington, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78947 | 2.31% | 2.31% | 2.31% | 2.31% | 2.31% |
Source: Ownwell
$1,148
Average Lexington Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Lexington, Texas
In Lexington, 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 Williamson 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 Lexington, 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 Lexington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 78947 has both the highest and lowest median tax bills at $4,115, reflecting the uniformity in assessed values within the area.
Average Lexington Assessed Value
$348,626
Average Williamson County Assessed Value
$413,321
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lexington, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78947 | $212,508 | $263,552 | $348,626 | $433,700 | $484,744 |
Source: Ownwell
$1,148
Average Lexington Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Lexington, Texas
In Lexington, Williamson County, TX, property tax bills are calculated based on the assessed value of your home, not its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. For a median home price of $348,626, homeowners can expect a median tax bill of $4,115, which significantly exceeds the national median property tax rate of 0.99%. Factors such as property location, improvements, and local government budgets influence the assessed value. High property tax rates can place a significant financial burden on homeowners. Ownwell specializes in property tax appeals and exemptions, helping homeowners navigate the complex tax system. By analyzing your property’s assessed value and comparing it to similar properties, Ownwell identifies discrepancies and files appeals on your behalf. This process can lead to substantial savings, ensuring you don’t overpay on your property taxes.
Average Lexington Tax Bill
$4,115
Average Williamson County Tax Bill
$7,929
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexington, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 78947 | $4,115 | $4,115 | $4,115 | $4,115 | $4,115 |
Source: Ownwell
$1,148
Average Lexington 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 | |
|---|---|
| Williamson Appraisal District | |
| Phone | (512) 930-3787 |
| Website | search.wcad.org |
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