Lyles, Tennessee Property Taxes
The median property tax rate in Lyles, TN is 0.58%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Lyles at $104,300, the typical annual property tax bill reaches $583, well below the national median of $2,690. Property taxes in Lyles are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lyles' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lyles or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lyles, 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 Lyles Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lyles with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lyles 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 Lyles, Tennessee
Property taxes in Lyles, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lyles is 0.58%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Lyles set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lyles 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 Lyles' effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37098 zip code has the highest median property tax rate of 0.58%, while the 37098 zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Lyles provides valuable insights into the varying tax landscape across Hickman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lyles Tax Rate
0.58%
Average Hickman County Tax Rate
0.58%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lyles, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37098 | 0.54% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Lyles, Tennessee
In Lyles, 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 Hickman 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 Lyles, 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 Lyles helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lyles is $104,300, with tax bills ranging from $266 at the 25th percentile to $1,366 at the 90th percentile. The highest and lowest median tax bill is $583, found in zip code 37098.
Average Lyles Assessed Value
$104,300
Average Hickman County Assessed Value
$65,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lyles, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37098 | $23,900 | $46,400 | $104,300 | $176,700 | $261,180 |
Source: Ownwell
Property Tax Bills Across Lyles, Tennessee
In Lyles, located in Hickman County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the property's market value, which is determined by the local assessor's office. For example, if the median home price in Lyles is $104,300, the assessed value would be a fraction of this price. The tax rate, set by local authorities, is then applied to the assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including the home's market value, local tax rates, and any applicable exemptions or deductions. Homeowners in Lyles can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $266, while the 75th percentile reaches $967. At the 90th percentile, homeowners might pay as much as $1,366 annually. These property taxes directly impact homeowners' finances, influencing their overall cost of living and potentially affecting property values in the area.
Average Lyles Tax Bill
$583
Average Hickman County Tax Bill
$379
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lyles, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37098 | $135 | $266 | $583 | $967 | $1,366 |
Source: Ownwell