Example of Lamb County Property Tax Calculation
The Lamb County Property Tax calculation is determined by multiplying the county's tax rate by the assessed value of the property. For example, if the tax rate is 1.5% and the assessed value of the property is $100,000, then the property tax would be $1,500.
To calculate the assessed value, the county's appraiser determines the fair market value of the property and applies a percentage determined by state law. This percentage can vary depending on the type of property and its use.
It's important to note that property taxes are used to fund local government services such as schools, public safety, road maintenance, and other community resources. Property owners receive a tax bill each year and are responsible for paying the full amount by the due date.
If you want appeal your property tax assessment - contact your local tax assessor.
Lamb County Property Tax Rates
The Lamb County Property Tax rates for the current year are as follows, expressed in terms of rate per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County Tax | $0.4623 |
| City Tax | $0.7389 |
| School District | $1.1850 |
| Hospital District | $0.1575 |
| Water District | $0.0375 |
It is important to note that property taxes may vary based on the specific property and its location within the county. Property owners should consult with a qualified tax advisor for specific information related to their own property tax rates.
Who sets property tax rates in Lamb County ?
Who sets property tax rates in Lamb County?
The Lamb County Commissioners Court is responsible for setting property tax rates in the county. This is done annually during budget hearings, where the commissioners review the county's financial needs and determine the appropriate tax rate to support those needs.
When are property tax rates set in Lamb County?
Property tax rates in Lamb County are set annually during budget hearings, which typically take place in August or early September. Once the commissioners have determined the tax rate, it is then submitted to the Texas Comptroller's office for final approval.
Here is a table summarizing the process:
| Who sets property tax rates | Lamb County Commissioners Court |
|---|---|
| When are property tax rates set | Annually during budget hearings in August/September |
| Final approval | Texas Comptroller's office |
It is important to note that property tax rates can vary from year to year based on changes in the county's financial needs and budgets. Property owners in Lamb County should stay informed and aware of any changes in tax rates that may affect their property taxes.
How is Lamb County Property Tax penalty calculated ?
Lamb County Property Tax Penalty Calculation:
When property taxes are not paid on time in Lamb County, a penalty will be assessed. The penalty is calculated as a percentage of the unpaid taxes and accrues each month until the full payment is received. The penalty rate is determined by the state of Texas.
Here's an example:
Let's say a property owner in Lamb County owes $5,000 in property taxes for the current year. The due date is January 31st, but the owner fails to make the payment until April 30th, which is three months late.
The penalty for late payment is 6% per annum or 0.5% per month, so the penalty for being three months late would be:
($5,000 x 0.005) x 3 = $75.00
So in addition to the $5,000 in unpaid taxes, the property owner would also owe a penalty of $75.00 for being three months late.
It's important to note that if the taxes remain unpaid, the penalty will continue to accrue each month until the full payment is received. It's always best to pay property taxes on time to avoid any penalties and additional fees.
| Property Tax Owed | Penalty Rate | Months Late | Penalty Amount |
|---|---|---|---|
| $5,000 | 0.5% | 3 months | $75.00 |
Homestead exemptions in Lamb County ?
To ensure that Lamb County residents are aware of all the available Homestead exemptions and deductions, a comprehensive table has been created with the following columns:
| Column | Description |
|---|---|
| Exemption | Lists all the available Homestead exemptions and deductions in Lamb County |
| Eligibility | Specifies who is eligible to claim each exemption or deduction |
| Amount | Displays the amount of money that can be saved through each exemption or deduction |
| Notes | Provides additional information, such as application deadlines or required documentation |
Here are the specific Homestead exemptions and deductions that Lamb County residents can benefit from:
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| General Exemption | Homeowners who live in their primary residence in Lamb County | Up to $25,000 | Applies to both the property's assessed value and the school district's maintenance and operations tax |
| Over 65 Exemption | Homeowners who are at least 65 years old or disabled and live in Lamb County | Additional $10,000 exemption | Can be combined with the general exemption for a maximum of $35,000 |
| Disabled Exemption | Homeowners who are disabled and live in Lamb County | Additional $10,000 exemption | Can be combined with the general exemption for a maximum of $35,000 |
| 100% Disabled | Homeowners who are 100% disabled and live in Lamb County | Exemption from all taxes | Must provide documentation from the Veteran's Administration or Social Security Administration to qualify for this exemption |
| Agricultural | Property owners who use their land for agricultural purposes in Lamb County | Varies | The amount of exemption depends on the type of property and its location. Contact the Lamb County Appraisal District for details |
Keep in mind that these exemptions and deductions are county-specific and may differ from other areas in Texas. Lamb County residents should consult with the Lamb County Appraisal District for further information on Homestead exemptions and deductions in their area.
When is Lamb County Property Tax due ?
Lamb County Property Tax is typically due on January 31st of each year. There are several payment methods available for taxpayers in Lamb County:
Payment Methods
| Method | Instructions |
|---|---|
| Online | Taxpayers can pay their property taxes online at the Lamb County Tax Office website. To use this method, taxpayers will need their property account number and credit card information. |
| Taxpayers can mail a check or money order payment to the Lamb County Tax Office at the following address: | |
| Lamb County Tax Office | |
| P.O. Box 715 | |
| Littlefield, TX 79339 | |
| In-person | Taxpayers can pay in person at the Lamb County Tax Office located at: |
| 100 6th St. | |
| Littlefield, TX 79339 |
It is important to note that if property taxes are not paid by January 31st, late fees and penalties may be applied. Therefore, it is recommended that taxpayers make their payments on time to avoid any additional costs.
If you have more questions - contact your local tax collector.
We recommend contacting the Lamb County Tax Office or a local tax professional for the most up-to-date and accurate information.