Luray, Tennessee Property Taxes
The median property tax rate in Luray, Tennessee is 0.59%, notably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Luray at $80,600, the typical annual property tax bill amounts to $477, significantly less than the national median of $2,690. Property taxes in Luray are determined based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Luray's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of Luray or elsewhere in Henderson County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Luray, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$476
Ownwell’s Luray Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Luray with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Luray to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Luray, Tennessee
Property taxes in Luray, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Luray is 0.59%, significantly lower than the U.S. national median of 0.99%. Local government entities within Luray set these rates annually, and they can vary significantly across different neighborhoods. Each year, Luray 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 Luray's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38352 zip code has both the highest and lowest median property tax rate of 0.59%. Understanding how these cities compare with Luray provides valuable insights into the varying tax landscape across Henderson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Luray Tax Rate
0.59%
Average Henderson County Tax Rate
0.59%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Luray, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38352 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Luray, Tennessee
In Luray, 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 Henderson 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. 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 Luray helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Luray, the median home price is $80,600, with the highest median tax bill in zip code 38352 at $477.
Average Luray Assessed Value
$80,600
Average Henderson County Assessed Value
$78,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Luray, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38352 | $18,500 | $42,300 | $80,600 | $127,050 | $237,740 |
Source: Ownwell
Property Tax Bills Across Luray, Tennessee
In Luray, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the home's market value. For instance, with a median home price of $80,600, the tax bill can vary significantly. The 25th percentile tax bill is $252, while the 75th percentile reaches $753, and the 90th percentile can go up to $1,410. Several factors influence the final tax bill, including property location, market trends, and any applicable exemptions. Homeowners in Luray, TN, should be aware that their property tax rate may differ from the national median rate of 0.99%. These variations can significantly impact the annual financial obligations of homeowners. Understanding how these factors contribute to the overall tax bill can help homeowners plan better and potentially seek adjustments or exemptions to reduce their tax burden.
Average Luray Tax Bill
$477
Average Henderson County Tax Bill
$514
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Luray, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38352 | $110 | $252 | $477 | $753 | $1,410 |
Source: Ownwell