Example of Lynn County Property Tax Calculation
Lynn County property tax is based on the assessed value of the property owned by homeowners. For instance, if a home in Lynn County has an assessed value of $100,000, the property tax will be computed based on that value.
To calculate the property tax, Lynn County uses a mill levy system. A mill levy is a tax rate that is determined by the municipality or county to fund various projects and services. One mill is equal to $1 of tax for every $1,000 of assessed property value.
For example, if Lynn County has a mill levy of 50, the homeowner with an assessed property value of $100,000 would be required to pay $5,000 in property taxes. This is calculated by dividing the assessed property value by 1,000, then multiplying the result by the mill levy rate (100,000/1,000 = 100, then 100 x 50 = 5,000).
It is important to note that property tax rates can vary depending on the location within Lynn County and the specific services funded by the mill levy. Homeowners should consult with their local government officials for more detailed information on the exact property tax calculation for their home.
If you want appeal your property tax assessment - contact your local tax assessor.
Lynn County Property Tax Rates
The Lynn County Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General Fund | $0.45 |
| County Emergency Services | $0.10 |
| County Road and Bridge Fund | $0.25 |
| County Debt Service | $0.07 |
| County Hospital District | $0.15 |
| City of Lynn | $0.54 |
| Abernathy Independent School District | $1.17 |
| Lorenzo Independent School District | $1.20 |
| New Deal Independent School District | $1.29 |
| O'Donnell Independent School District | $1.16 |
| Tahoka Independent School District | $1.28 |
| Wilson Independent School District | $1.19 |
It is important to note that these rates are subject to change and may vary depending on the assessed value of the property. Taxpayers should consult with their local tax office for the most up-to-date information.
Who sets property tax rates in Lynn County ?
Who sets property tax rates in Lynn County?
The Lynn County Board of Commissioners sets property tax rates in Lynn County. This board is responsible for overseeing all financial matters related to the county, including the setting of tax rates.
When are property tax rates set in Lynn County?
Property tax rates are set annually in Lynn County, typically during the budgeting process in the late summer or early fall. The exact timing may vary from year to year, but typically occurs before the end of the calendar year.
| Who sets property tax rates in Lynn County? | The Lynn County Board of Commissioners |
|---|---|
| When are property tax rates set in Lynn County? | Annually, usually during the late summer or early fall. |
Homestead exemptions in Lynn County ?
To help Lynn County residents understand their options for Homestead exemptions and deductions, we have compiled a table with all the relevant information:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Exemption | Primary residence | Up to 20% of property value (up to $5,000) | Must apply by April 30 |
| Age 65 or Older or Disabled Exemption | Primary residence | $10,000 | Must be at least 65 years old or disabled |
| Disabled Veteran Exemption | Primary residence | Up to $12,000 | Must have 100% disability rating or at least 10% disability rating and be a veteran |
| Agricultural Exemption | Agricultural land | Varies depending on use and acreage | Must have at least 5 acres used for agriculture |
| Freeport Exemption | Inventory of goods | 100% exemption | For goods in transit or goods manufactured in Texas for out-of-state shipment |
Please note that these exemptions and deductions may have additional eligibility requirements or restrictions not listed here. Residents are encouraged to contact the Lynn County Appraisal District for more information and to apply for these exemptions by the appropriate deadlines.
By taking advantage of these Homestead exemptions and deductions, Lynn County residents can potentially save thousands of dollars on their property taxes.
When is Lynn County Property Tax due ?
Lynn County Property Tax Due Date and Payment Methods
Property taxes in Lynn County are typically due on January 31st each year, but taxpayers may pay in two installments. The first installment is due on November 30th, while the second is due on May 31st.
To make payments, taxpayers may use various methods, including:
| Payment Method | Details |
|---|---|
| Online | Payments can be made on the Lynn County Treasurer's website using a credit/debit card or e-check. A convenience fee may apply. |
| Checks or money orders can be mailed to the Lynn County Treasurer's office. The mailing address is provided on the tax bill. | |
| In-Person | Payments can be made in person at the Lynn County Treasurer's office during business hours. Cash, checks, and credit/debit cards are accepted. A convenience fee may apply for card payments. |
It is important to note that failure to make timely payments may result in penalties and interest charges. Taxpayers should make sure to submit payments on or before the due dates to avoid additional fees.
If you have more questions - contact your local tax collector.
How is Lynn County Property Tax penalty calculated ?
Lynn County, like many other counties in the United States, imposes penalties on property owners who fail to pay their taxes on time. The penalty is calculated based on the amount of taxes owed and the length of time the payment is overdue. Here's how it works:
Penalty Calculation:
| Duration | Penalty |
|---|---|
| Up to 30 days overdue | 5% of the taxes owed |
| 31-60 days overdue | 10% of the taxes owed |
| 61-90 days overdue | 15% of the taxes owed |
| 91-120 days overdue | 20% of the taxes owed |
| 121-150 days overdue | 25% of the taxes owed |
| 151 or more days late | 20% of the taxes owed, plus an additional 1% per month |
Example:
Let's say a property owner in Lynn County owes $10,000 in property taxes for the year 2020. The taxes are due on December 31, 2020, but the property owner fails to pay on time. Here's how the penalty would be calculated:
- January 1, 2021: The taxes are 1 day overdue. Penalty = $500 (5% of $10,000)
- February 1, 2021: The taxes are 32 days overdue. Penalty = $1,500 (10% of $10,000)
- March 1, 2021: The taxes are 60 days overdue. Penalty = $2,500 (15% of $10,000)
- April 1, 2021: The taxes are 90 days overdue. Penalty = $3,500 (20% of $10,000)
- May 1, 2021: The taxes are 120 days overdue. Penalty = $4,500 (25% of $10,000)
- June 1, 2021: The taxes are 151 days overdue. Penalty = $6,600 (20% of $10,000, plus 1% per month for 2 months)
In this example, the property owner would owe a total of $16,600 ($10,000 in taxes plus $6,600 in penalties) by June 1, 2021.
It is important for property owners to pay their taxes on time to avoid these penalties. If you have any questions or concerns about Lynn County property taxes and penalties, it is recommended to contact the Lynn County tax assessor's office for more information.
We recommend contacting the Lynn County Tax Office or a local tax professional for the most up-to-date and accurate information.