Lawrenceburg, Tennessee Property Taxes
The median property tax rate in Lawrenceburg, TN is 0.51%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Lawrenceburg at $150,200, the typical annual property tax bill reaches $951, well below the national median of $2,690. Property taxes in Lawrenceburg 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 Lawrenceburg'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 Lawrenceburg 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
Lawrenceburg, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$766
Ownwell’s Lawrenceburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lawrenceburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lawrenceburg 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 Lawrenceburg, Tennessee
Property taxes in Lawrenceburg, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lawrenceburg is 0.51%, which is significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Lawrenceburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lawrenceburg 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 Lawrenceburg's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38464 has the highest median property tax rate of 0.51%, while the same zip code also has the lowest median tax rate of 0.51%. Understanding how these cities compare with Lawrenceburg 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 Lawrenceburg Tax Rate
0.51%
Average Lawrence County Tax Rate
0.50%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lawrenceburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38464 | 0.50% | 0.50% | 0.51% | 0.78% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Lawrenceburg, Tennessee
In Lawrenceburg, 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. In Lawrenceburg, 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. The median home price in Lawrenceburg is $150,200, with tax bills ranging from $618 at the 25th percentile to $1,895 at the 90th percentile. The highest and lowest median tax bills are both $951, found in the 38464 zip code. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lawrenceburg Assessed Value
$150,200
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 Lawrenceburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38464 | $52,200 | $97,425 | $150,200 | $213,275 | $302,070 |
Source: Ownwell
Property Tax Bills Across Lawrenceburg, Tennessee
In Lawrenceburg, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Lawrenceburg is $150,200, and the tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Lawrenceburg can expect their tax bills to vary, with the 25th percentile tax bill at $618 and the 75th percentile tax bill at $1339. At the 90th percentile, the tax bill can reach up to $1895. Compared to the national median property tax rate of 0.99%, Lawrenceburg's property tax rates are relatively moderate. This can impact homeowners by making property ownership more affordable, but it also means that local services funded by property taxes may receive less revenue. The highest and lowest median tax bills in Lawrenceburg are both $951, indicating a fairly consistent tax rate across different areas within the city.
Average Lawrenceburg Tax Bill
$951
Average Lawrence County Tax Bill
$875
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lawrenceburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38464 | $318 | $618 | $951 | $1,339 | $1,895 |
Source: Ownwell