Lenoir City, Tennessee Property Taxes
The median property tax rate in Lenoir City, TN is 0.62%, lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $161,950 in Lenoir City, the typical annual property tax bill is approximately $1,000, significantly below the national median of $2,690. Property taxes in Lenoir City are calculated based on the assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural land. Understanding Lenoir City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lenoir City or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lenoir City, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Lenoir City Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lenoir City with just two simple inputs. By entering your property's estimated assessed value, the calculator automatically applies the median tax rate in Lenoir City to provide an accurate estimate of your property tax bill. This user-friendly tool offers valuable insights into your potential tax liabilities, helping you make informed financial decisions. For those interested in more granular data, you can explore trends at the neighborhood level by scrolling down for localized information. Remember, your property’s assessed value is determined by the county for tax purposes, factoring in any eligible exemptions.
Property Tax Rates Across Lenoir City, Tennessee
Property taxes in Lenoir City, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lenoir City is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Lenoir City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lenoir City 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 Lenoir City's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37772 has the highest median property tax rate of 0.62%, while the lowest median tax rate is also found in the same zip code at 0.62%. Understanding how these areas compare with Lenoir City provides valuable insights into the varying tax landscape across Blount County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lenoir City Tax Rate
0.62%
Average Blount County Tax Rate
0.62%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lenoir City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37772 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Lenoir City, Tennessee
In Lenoir City, Tennessee, 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 Blount 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. 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 example, in Lenoir City, the median home price is $161,950, with tax bills ranging from $598 at the 25th percentile to $2,382 at the 90th percentile. The zip code 37772 has both the highest and lowest median tax bills, each at $1,000. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lenoir City Assessed Value
$161,950
Average Blount County Assessed Value
$163,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lenoir City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37772 | $60,060 | $96,775 | $161,950 | $301,075 | $385,730 |
Source: Ownwell
Property Tax Bills Across Lenoir City, Tennessee
In Lenoir City, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the total tax bill. For example, with a median home price of $161,950, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $598, while those in the 75th percentile see bills closer to $1,859, and in the 90th percentile, it can reach up to $2,382. These taxes fund essential public services such as schools, emergency services, and infrastructure maintenance. The assessed value and the local tax rate are crucial factors in determining the final bill, making it important for homeowners to stay informed about any changes in these areas. Compared to the national median property tax rate of 0.99%, Lenoir City's tax bills reflect the unique economic and administrative conditions of the area, impacting homeowners' annual financial planning.
Average Lenoir City Tax Bill
$1,000
Average Blount County Tax Bill
$1,142
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lenoir City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37772 | $371 | $598 | $1,000 | $1,859 | $2,382 |
Source: Ownwell