Luttrell, Tennessee Property Taxes
The median property tax rate in Luttrell, TN is 0.39%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $169,600 in Luttrell, the typical annual property tax bill is $662, which is well below the national median of $2,690. Property taxes in Luttrell are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Luttrell'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 Luttrell 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
Luttrell, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$661
Ownwell’s Luttrell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Luttrell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Luttrell 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 Luttrell, Tennessee
Property taxes in Luttrell, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Luttrell is 0.39%, which is significantly lower than both the Tennessee state median of 0.68% and the U.S. national median of 0.99%. Local government entities within Luttrell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Luttrell 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 Luttrell's effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest median property tax rate in Tennessee is 1.17%, while the lowest median tax rate is 0.34%. Understanding how these cities compare with Luttrell provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Luttrell Tax Rate
0.39%
Average Knox County Tax Rate
0.39%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Luttrell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37779 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Luttrell, Tennessee
In Luttrell, 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 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 Luttrell, 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 Luttrell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Luttrell is $169,600, with tax bills ranging from $377 at the 25th percentile to $1,412 at the 90th percentile. The zip code with the highest and lowest median tax bill is 37779, both at $662.
Average Luttrell Assessed Value
$169,600
Average Knox County Assessed Value
$222,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Luttrell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37779 | $40,900 | $92,300 | $169,600 | $265,000 | $362,200 |
Source: Ownwell
Property Tax Bills Across Luttrell, Tennessee
Property tax bills in Luttrell, within Knox County, TN, are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Luttrell, the median home price stands at $169,600. The property tax rate in Knox County is relatively low compared to the national median property tax rate of 0.99%. Homeowners in the 25th percentile of tax bills pay around $377 annually, while those in the 75th percentile face bills closer to $1,034. The highest median tax bill in the area is $662, as seen in the 37779 zip code. These tax bills directly impact homeowners by influencing their annual housing costs and potentially affecting their household budgets. Lower property tax rates can make homeownership more affordable, while higher rates may necessitate careful financial planning.
Average Luttrell Tax Bill
$662
Average Knox County Tax Bill
$1,143
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Luttrell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37779 | $214 | $377 | $662 | $1,034 | $1,412 |
Source: Ownwell