Lake Oswego, Tennessee Property Taxes
The median property tax rate in Lake Oswego, TN is 0.79%, which is lower than the national median of 0.99% but higher than the Tennessee state median of 0.64%. With a median home value of $42,300 in Lake Oswego, the typical annual property tax bill amounts to $334, well below the national median of $2,690. Property taxes in Lake Oswego are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lake Oswego'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 Lake Oswego or another part of Hamblen County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Oswego, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$334
-$3,502
Ownwell’s Lake Oswego Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Oswego with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Oswego 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 Lake Oswego, Tennessee
Property taxes in Lake Oswego, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Oswego is 0.79%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Lake Oswego set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Oswego 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 Lake Oswego's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 97034 zip code has the highest median property tax rate of 0.79%, while the 97034 zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Lake Oswego provides valuable insights into the varying tax landscape across Hamblen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Oswego Tax Rate
0.79%
Average Hamblen County Tax Rate
0.49%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Oswego, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97034 | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Lake Oswego, Tennessee
In Lake Oswego, 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 Hamblen 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 Lake Oswego helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lake Oswego is $42,300, with the median tax bill at $334 for the zip code 97034, which has both the highest and lowest median tax bills in the area.
Average Lake Oswego Assessed Value
$42,300
Average Hamblen County Assessed Value
$105,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Oswego, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97034 | $42,300 | $42,300 | $42,300 | $42,300 | $42,300 |
Source: Ownwell
Property Tax Bills Across Lake Oswego, Tennessee
In Lake Oswego, Hamblen County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in this region is $42,300. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value, and consequently, the tax bill. Homeowners in Lake Oswego typically see tax bills around $334, which is significantly lower than the national median property tax rate of 0.99%. This lower tax bill can be attributed to the relatively low property values in the area. For homeowners, this means a more manageable annual expense compared to other regions with higher property values and tax rates. However, it is essential for homeowners to stay informed about any changes in local tax policies or property assessments that could affect their future tax bills.
Average Lake Oswego Tax Bill
$334
Average Hamblen County Tax Bill
$619
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Oswego, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97034 | $334 | $334 | $334 | $334 | $334 |
Source: Ownwell