Locust Grove, Tennessee Property Taxes
The median property tax rate in Locust Grove, TN is 0.63%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Locust Grove, the typical annual property tax bill reaches $152, significantly below the national median of $2,690. Property taxes in Locust Grove are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Locust Grove's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Locust Grove 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
Locust Grove, 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 Locust Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Locust Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Locust Grove 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 Locust Grove, Tennessee
Property taxes in Locust Grove, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Locust Grove stands at 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Locust Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Locust Grove 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 Locust Grove's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 30248 zip code has both the highest and lowest median property tax rate of 0.63%. Understanding how these areas compare with Locust Grove provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Locust Grove Tax Rate
0.63%
Average Polk County Tax Rate
0.63%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Locust Grove, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30248 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Locust Grove, Tennessee
In Locust Grove, 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 Polk 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 Locust Grove, 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 Locust Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Locust Grove are both $152.00, found in the zip code 30248.
Average Locust Grove Assessed Value
$24,200
Average Polk County Assessed Value
$48,850
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Locust Grove, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30248 | $19,800 | $21,450 | $24,200 | $26,950 | $28,600 |
Source: Ownwell
Property Tax Bills Across Locust Grove, Tennessee
In Locust Grove, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition, as well as any improvements made to it. The median home price in Locust Grove is $24,200, significantly lower than the national average, which can lead to relatively lower tax bills. Homeowners in Locust Grove can expect tax bills to vary widely. For instance, the tax bill at the 25th percentile is $134, while it reaches $170 at the 75th percentile, and $180 at the 90th percentile. This variance highlights how different factors can significantly impact the tax burden on homeowners. Understanding these factors can help homeowners better anticipate their property tax obligations and plan accordingly, ensuring they are not caught off guard by unexpected expenses.
Average Locust Grove Tax Bill
$152
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Locust Grove, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30248 | $124 | $134 | $152 | $170 | $180 |
Source: Ownwell