Lynnville, Tennessee Property Taxes
The median property tax rate in Lynnville, TN is 0.45%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Lynnville, the typical annual property tax bill amounts to $913, which is well below the national median of $2,690. Property taxes in Lynnville are determined based on the assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Lynnville's property tax system, exploring the available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lynnville or another part of Marshall County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lynnville, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$904
Ownwell’s Lynnville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynnville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynnville 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 Lynnville, Tennessee
Property taxes in Lynnville, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynnville is 0.45%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Lynnville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynnville 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 Lynnville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38472 zip code has the highest median property tax rate of 0.45%, while the same zip code also has the lowest median tax rate of 0.45%. Understanding how these cities compare with Lynnville provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynnville Tax Rate
0.45%
Average Marshall County Tax Rate
0.45%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynnville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38472 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Lynnville, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lynnville, Tennessee. The market value represents 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 local 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 Lynnville, 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 Lynnville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 38472, with a median tax bill of $913.
Average Lynnville Assessed Value
$200,900
Average Marshall County Assessed Value
$204,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lynnville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38472 | $120,020 | $153,050 | $200,900 | $318,050 | $508,520 |
Source: Ownwell
Property Tax Bills Across Lynnville, Tennessee
Property tax bills in Lynnville, TN, are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. For instance, if your home in Lynnville has a market value of $200,900, the assessed value will be a fraction of this amount, depending on the local assessment ratio. The property tax rate is then applied to this assessed value to determine the tax bill. In Marshall County, where Lynnville is located, the median property tax bill is $913, which is significantly lower than the national median property tax rate of 0.99%. Homeowners in Lynnville can expect tax bills that range from $696 at the 25th percentile to $2,312 at the 90th percentile. These tax bills directly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Lower property taxes can make homeownership more affordable, but they also reflect the level of services and amenities provided by the local government.
Average Lynnville Tax Bill
$913
Average Marshall County Tax Bill
$1,145
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynnville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38472 | $551 | $696 | $913 | $1,446 | $2,312 |
Source: Ownwell