Five Points, Tennessee Property Taxes
The median property tax rate in Five Points, TN, is 0.50%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Five Points at $140,150, the typical annual property tax bill amounts to $702, which is well below the national median of $2,690. Property taxes in Five Points are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Five Points' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Five Points or another part of Lawrence County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Five Points, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$701
Ownwell’s Five Points Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Five Points with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Five Points 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 Five Points, Tennessee
Property taxes in Five Points, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Five Points is 0.50%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Five Points set these rates annually, and they can vary significantly across different neighborhoods. Each year, Five Points 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 Five Points' effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38457 has both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with Five Points provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Five Points Tax Rate
0.50%
Average Lawrence County Tax Rate
0.50%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Five Points, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38457 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Five Points, Tennessee
In Five Points, 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 Lawrence 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 Five Points helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 38457 at $702, while the lowest is also 38457 at $702.
Average Five Points Assessed Value
$140,150
Average Lawrence County Assessed Value
$151,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Five Points, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38457 | $38,550 | $90,025 | $140,150 | $224,700 | $331,650 |
Source: Ownwell
Property Tax Bills Across Five Points, Tennessee
In Five Points, Lawrence County, TN, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence these calculations, including the property's location, size, and condition. For instance, the median home price in Five Points is $140,150. Homeowners in the 25th percentile pay around $439 annually, while those in the 75th percentile face a tax bill of approximately $1,124. At the 90th percentile, the tax bill can reach up to $1,664. These figures highlight how property taxes can vary significantly based on the assessed value of homes. Compared to the national median property tax rate of 0.99%, the tax rates in Five Points may seem more manageable, but they still represent a significant expense for homeowners, influencing their overall financial planning and homeownership costs.
Average Five Points Tax Bill
$702
Average Lawrence County Tax Bill
$875
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Five Points, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38457 | $184 | $439 | $702 | $1,124 | $1,664 |
Source: Ownwell