Lancing, Tennessee Property Taxes
The median property tax rate in Lancing, TN is 0.68%, slightly higher than the Tennessee state median of 0.64% but still below the national median of 0.99%. With a median home value of $83,700 in Lancing, the typical annual property tax bill is $565, significantly lower than the national median of $2,690. Property taxes in Lancing are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Lancing'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 Lancing 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
Lancing, 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 Lancing Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lancing with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lancing 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 Lancing, Tennessee
Property taxes in Lancing, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lancing is 0.68%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Lancing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lancing 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 Lancing's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37770 zip code has the highest median property tax rate of 0.68%, while the 37770 zip code has the lowest median tax rate of 0.68%. Understanding how these cities compare with Lancing provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lancing Tax Rate
0.68%
Average Morgan County Tax Rate
0.68%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lancing, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37770 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Lancing, Tennessee
In Lancing, 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 Morgan 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 Lancing, 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 Lancing is $83,700, with tax bills ranging from $298 at the 25th percentile to $1,535 at the 90th percentile. Interestingly, the zip code 37770 has both the highest and lowest median tax bill at $565. 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 Lancing helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lancing Assessed Value
$83,700
Average Morgan County Assessed Value
$87,650
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lancing, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37770 | $20,840 | $44,200 | $83,700 | $143,325 | $226,220 |
Source: Ownwell
Property Tax Bills Across Lancing, Tennessee
In Lancing, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The tax rate in Morgan County is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $83,700, homeowners can expect a range of tax bills depending on the specifics of their property and any applicable exemptions. The tax bill for the 25th percentile is around $298, while the 75th percentile reaches $968, and the 90th percentile goes up to $1,535. These variations reflect differences in property values and any specific tax rates or exemptions that might apply. The highest and lowest median tax bills in the county are both $565, indicating a relatively stable tax environment. Homeowners in Lancing should be aware that property taxes can significantly impact their annual expenses, especially when compared to the national median property tax rate of 0.99%. Understanding how these taxes are calculated can help homeowners plan their finances more effectively.
Average Lancing Tax Bill
$565
Average Morgan County Tax Bill
$603
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lancing, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37770 | $140 | $298 | $565 | $968 | $1,535 |
Source: Ownwell