Loretto, Tennessee Property Taxes
The median property tax rate in Loretto, 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 Loretto at $158,300, the typical annual property tax bill amounts to $870, which is well below the national median of $2,690. Property taxes in Loretto 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 Loretto'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 Loretto or another part of the city, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Loretto, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$792
Ownwell’s Loretto Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loretto with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loretto 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 Loretto, Tennessee
Property taxes in Loretto, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loretto 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 Loretto set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loretto 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 Loretto's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38469 zip code has the highest median property tax rate of 0.50%, while the 38469 zip code also has the lowest median tax rate of 0.50%. Understanding how these cities compare with Loretto 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 Loretto 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 Loretto, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38469 | 0.50% | 0.50% | 0.50% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Loretto, Tennessee
In Loretto, 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 Loretto, 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. The median home price in Loretto is $158,300, with tax bills ranging from $576 at the 25th percentile to $1,738 at the 90th percentile. The highest and lowest median tax bills are both $870 in the zip code 38469. Being aware of these valuation processes in Loretto helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Loretto Assessed Value
$158,300
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 Loretto, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38469 | $58,180 | $104,700 | $158,300 | $231,975 | $330,750 |
Source: Ownwell
Property Tax Bills Across Loretto, Tennessee
In Loretto, located in Lawrence County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Loretto is $158,300. Homeowners' tax bills can vary significantly, with the 25th percentile tax bill at $576 and the 75th percentile at $1230. For those at the 90th percentile, tax bills can reach up to $1738. Several factors influence the property tax bill, including the local tax rate and any applicable exemptions. The tax rate in Loretto is influenced by the county's budgetary needs and the total assessed value of all properties within the county. Homeowners should be aware that their tax bills can have a substantial impact on their annual expenses. With the national median property tax rate at 0.99%, Loretto's property tax rates can be compared to this benchmark to understand how local rates affect overall affordability and cost of living.
Average Loretto Tax Bill
$870
Average Lawrence County Tax Bill
$875
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Loretto, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38469 | $297 | $576 | $870 | $1,230 | $1,738 |
Source: Ownwell