Luttrell, Tennessee Property Taxes
The median property tax rate in Luttrell, TN is 0.59%, which is significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $153,500 in Luttrell, the typical annual property tax bill is $954, well below the national median of $2,690. Property taxes in Luttrell are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Luttrell'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 Luttrell or another part of Grainger County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Luttrell, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$906
Ownwell’s Luttrell Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Luttrell. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Luttrell to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities with ease. For those interested in more granular data, you can find trends and localized information by scrolling down. Your property's assessed value, determined by the county, is crucial for these calculations and includes any applicable exemptions.
Property Tax Rates Across Luttrell, Tennessee
Property taxes in Luttrell, Tennessee, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Luttrell is 0.59%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Luttrell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Luttrell 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 Luttrell's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37779 zip code has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these areas compare with Luttrell provides valuable insights into the varying tax landscape across Grainger County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Luttrell Tax Rate
0.59%
Average Grainger County Tax Rate
0.59%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Luttrell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37779 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Luttrell, Tennessee
In Luttrell, 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 Grainger 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 Luttrell, 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 Luttrell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 37779, with a value of $954.
Average Luttrell Assessed Value
$153,500
Average Grainger County Assessed Value
$110,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Luttrell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37779 | $82,400 | $88,900 | $153,500 | $187,900 | $192,700 |
Source: Ownwell
Property Tax Bills Across Luttrell, Tennessee
In Luttrell, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the Grainger County Assessor's Office. This assessed value is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For instance, with a median home price of $153,500 in Luttrell, homeowners can expect varying tax bills. The 25th percentile tax bill is around $657, while the 75th percentile tax bill is $1104, and the 90th percentile tax bill reaches $1135. These figures highlight the range of property tax burdens within the area. Compared to the national median property tax rate of 0.99%, Luttrell's property taxes can be considered moderate. Homeowners in this region need to be aware of how these taxes impact their annual financial planning, as property taxes are a significant and recurring expense.
Average Luttrell Tax Bill
$954
Average Grainger County Tax Bill
$597
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Luttrell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37779 | $576 | $657 | $954 | $1,104 | $1,135 |
Source: Ownwell