Gates, Tennessee Property Taxes
The median property tax rate in GATES, TN is 0.46%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $65,100 in GATES, the typical annual property tax bill reaches $322, significantly below the national median of $2,690. Property taxes in GATES 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 GATES'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 GATES 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
Gates, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$299
Ownwell’s Gates Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gates with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gates 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 Gates, Tennessee
Property taxes in Gates, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gates is 0.46%, which is lower than the U.S. national median of 0.99%. Local government entities within Gates set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gates 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 Gates' effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 38037 has both the highest and the lowest median property tax rate of 0.46%. Understanding how these areas compare with Gates provides valuable insights into the varying tax landscape across Lauderdale County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gates Tax Rate
0.46%
Average Lauderdale County Tax Rate
0.63%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gates, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38037 | 0.46% | 0.46% | 0.46% | 0.63% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Gates, Tennessee
In Gates, 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 Lauderdale 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 Gates, 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. For instance, the median home price in Gates is $65,100, with tax bills ranging significantly. The 25th percentile tax bill is $214, while the 75th percentile tax bill is $566, and the 90th percentile tax bill reaches $1,021. Notably, the highest median tax bill in Gates, found in zip code 38037, is $322. 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 Gates helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gates Assessed Value
$65,100
Average Lauderdale County Assessed Value
$73,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gates, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38037 | $26,580 | $44,500 | $65,100 | $96,800 | $166,200 |
Source: Ownwell
Property Tax Bills Across Gates, Tennessee
In Gates, Lauderdale County, TN, property tax bills are determined by assessing the property's value and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the tax rate set by the local government. For Gates, the median home price stands at $65,100. Homeowners in the 25th percentile can expect a tax bill around $214, while those in the 75th percentile might see a tax bill of approximately $566. At the 90th percentile, the tax bill can rise to about $1,021. These property taxes fund essential public services like schools, infrastructure, and emergency services, impacting homeowners by contributing to the overall quality of life in the community. Comparing this to the national median property tax rate of 0.99%, Gates offers a relatively affordable tax environment, which can be particularly appealing to potential homeowners looking for lower property tax burdens. The highest and lowest median tax bills in the area are both $322, reflecting some consistency in tax assessments within the region.
Average Gates Tax Bill
$322
Average Lauderdale County Tax Bill
$476
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Gates, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38037 | $138 | $214 | $322 | $566 | $1,021 |
Source: Ownwell