Lutz, Tennessee Property Taxes
The median property tax rate in Lutz, TN is 0.63%, slightly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Lutz, the typical annual property tax bill is $126, which is significantly below the national median of $2,690. Property taxes in Lutz are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lutz'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 Lutz 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
Lutz, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$126
Ownwell’s Lutz Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lutz with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lutz 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 Lutz, Tennessee
Property taxes in Lutz, Tennessee, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Lutz is 0.63%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Lutz set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lutz 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 Lutz's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 33558 zip code has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Lutz provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lutz Tax Rate
0.63%
Average Polk County Tax Rate
0.63%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lutz, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33558 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Lutz, Tennessee
In Lutz, 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 Polk 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 Lutz, 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 Lutz helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $126, found in the 33558 zip code.
Average Lutz Assessed Value
$20,000
Average Polk County Assessed Value
$48,850
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lutz, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33558 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 |
Source: Ownwell
Property Tax Bills Across Lutz, Tennessee
In Lutz, Polk County, TN, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The local tax rate, known as the millage rate, is then applied to this assessed value. Homeowners in Lutz can expect a median property tax bill of $126, which is relatively low compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the home's location, size, and any applicable exemptions or deductions. For instance, properties within the zip code 33558 consistently show a median tax bill of $126, reflecting uniformity in assessments and tax rates within this area. For homeowners, understanding how their property tax bill is determined is crucial for financial planning. Lower property taxes, like those in Lutz, can make homeownership more affordable, potentially increasing property values and attracting new residents. However, it's essential to stay informed about any changes in local tax policies that could affect future tax bills.
Average Lutz Tax Bill
$126
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lutz, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33558 | $126 | $126 | $126 | $126 | $126 |
Source: Ownwell