Fayetteville, Tennessee Property Taxes
The median property tax rate in Fayetteville, TN is 0.53%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Fayetteville at $117,000, the typical annual property tax bill reaches $712, significantly below the national median of $2,690. Property taxes in Fayetteville 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 Fayetteville'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 Fayetteville or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fayetteville, 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 Fayetteville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fayetteville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fayetteville 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 Fayetteville, Tennessee
Property taxes in Fayetteville, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fayetteville is 0.53%, which is significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Fayetteville set these rates annually, and they can vary across different neighborhoods. Each year, Fayetteville 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 Fayetteville's effective property tax rate to other areas in Lincoln County and the national median. For comparison, the zip code 37334 has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these areas compare with Fayetteville provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fayetteville Tax Rate
0.53%
Average Lincoln County Tax Rate
0.53%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fayetteville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37334 | 0.53% | 0.53% | 0.53% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Fayetteville, Tennessee
In Fayetteville, 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 local appraisal authorities 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 in Fayetteville 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 Fayetteville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $712 in the zip code 37334, reflecting the local property tax landscape.
Average Fayetteville Assessed Value
$117,000
Average Lincoln County Assessed Value
$117,700
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fayetteville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37334 | $53,600 | $83,450 | $117,000 | $184,000 | $267,620 |
Source: Ownwell
Property Tax Bills Across Fayetteville, Tennessee
In Fayetteville, located in Lincoln County, TN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Fayetteville, the median home price is $117,000. Tax bills can vary significantly, with the 25th percentile at $514 and the 75th percentile reaching $1,093. At the 90th percentile, tax bills can go up to $1,616. These figures indicate that while some homeowners may find their tax bills manageable, others could face higher financial burdens. Compared to the national median property tax rate of 0.99%, Fayetteville's tax rates and assessed values play a crucial role in determining how much homeowners will owe each year. This variability can significantly impact household budgets and financial planning.
Average Fayetteville Tax Bill
$712
Average Lincoln County Tax Bill
$686
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayetteville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37334 | $348 | $514 | $712 | $1,093 | $1,616 |
Source: Ownwell