Q: When are property taxes due in Lipscomb County for FY 2025-2026?
A: Property taxes may be paid in split installments with the first due by September 1st and second by December 1st, or the full amount can be paid by January 31st. Late payments incur penalties and interest charges.
Q: What homestead benefits are available and how do I apply?
A: The primary homestead exemption provides a $100,000 reduction in assessed value for school district taxes on your primary residence. This exemption also caps annual assessment increases at 10%. You must file an application with the Lipscomb County Appraisal District - it is not automatic and must be renewed if you move.
Q: Are there additional tax credits for seniors or veterans?
A: Yes, additional exemptions are available for residents over 65, disabled persons, and qualifying veterans or their surviving spouses. These require separate applications with supporting documentation and have specific deadlines, typically April 30th for the current tax year.
Q: How often are properties reassessed in Lipscomb County?
A: All properties are reassessed annually as of January 1st. The Lipscomb County Appraisal District determines market values, with homestead properties limited to a maximum 10% annual increase in assessed value (if the homestead exemption has been properly filed).
Q: What happens if I disagree with my property assessment?
A: You can appeal your assessment through the Lipscomb County Appraisal Review Board. Informal appeals typically must be filed by May 15th, with formal hearings available if the informal process doesn't resolve your concern. Professional appraisals and comparable sales data strengthen your appeal.
Q: What are the penalties for late property tax payments?
A: Payments received after January 31st incur a penalty of 6% for February, 7% for March, 8% for April, and 9% for May and thereafter. Interest of 1% per month is also charged on the unpaid balance. Additional attorney fees may apply if the account becomes delinquent.
Q: Can I pay my property taxes online?
A: Yes, Lipscomb County typically offers online payment options through their official website. Credit card processing fees usually apply for online payments. Check the Lipscomb County Tax Assessor-Collector's website for current online payment options and accepted payment methods.
Q: Why do tax rates vary within Lipscomb County?
A: Your total tax rate depends on which taxing jurisdictions serve your property location. Rural properties may pay county, school district, hospital district, and emergency services district taxes, while properties in incorporated cities also pay municipal taxes. Each entity sets its own rate based on local budget needs and voter-approved debt obligations.
