Tiptonville, Tennessee Property Taxes
The median property tax rate in Tiptonville, TN is 1.33%, considerably higher than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Tiptonville at $51,250, the typical annual property tax bill reaches $574, which is significantly lower than the national median of $2,690. Property taxes in Tiptonville 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 Tiptonville'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 Tiptonville or another part of Lake County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tiptonville, 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 Tiptonville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tiptonville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tiptonville 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 Tiptonville, Tennessee
Property taxes in Tiptonville, Tennessee, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Tiptonville is 1.33%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Tiptonville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tiptonville 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 Tiptonville's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 38079 has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these figures compare with Tiptonville provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tiptonville Tax Rate
1.33%
Average Lake County Tax Rate
1.30%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tiptonville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38079 | 0.83% | 0.83% | 1.33% | 1.33% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Tiptonville, Tennessee
In Tiptonville, 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 Lake 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 Tiptonville, 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 Tiptonville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $51,250, with tax bills ranging significantly, as seen in zip code 38079, which has both the highest and lowest median tax bill at $574.
Average Tiptonville Assessed Value
$51,250
Average Lake County Assessed Value
$51,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tiptonville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38079 | $18,330 | $31,625 | $51,250 | $77,100 | $121,510 |
Source: Ownwell
Property Tax Bills Across Tiptonville, Tennessee
In Tiptonville, located in Lake County, TN, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Tiptonville, the median home price stands at $51,250. The property tax rate in this area results in a median tax bill of $574, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the market value of the home, any applicable exemptions, and the local tax rate. Homeowners in Tiptonville can expect their tax bills to vary, with the 25th percentile at $335 and the 75th percentile at $866. At the higher end, the 90th percentile reaches $1,330. These property taxes directly impact homeowners by contributing to local services and infrastructure, making it essential for property owners to understand how their tax bills are determined and managed.
Average Tiptonville Tax Bill
$574
Average Lake County Tax Bill
$585
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Tiptonville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38079 | $199 | $335 | $574 | $866 | $1,330 |
Source: Ownwell