Lebanon, Tennessee Property Taxes
The median property tax rate in Lebanon, TN is 0.43%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Lebanon at $169,950, the typical annual property tax bill is around $730, which is well below the national median of $2,690. Property taxes in Lebanon are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lebanon's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lebanon or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lebanon, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$731
Ownwell’s Lebanon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lebanon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lebanon 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 Lebanon, Tennessee
Property taxes in Lebanon, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lebanon is 0.43%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Lebanon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lebanon 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 Lebanon's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37090 zip code has the highest median property tax rate of 0.43%, while the 37087 zip code has the lowest median tax rate of 0.43%. Understanding how these cities compare with Lebanon provides valuable insights into the varying tax landscape across Wilson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lebanon Tax Rate
0.43%
Average Smith County Tax Rate
0.43%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lebanon, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37087 | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
| 37090 | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
Source: Ownwell
Property Tax Assessment Values Across Lebanon, Tennessee
In Lebanon, 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 Smith 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 Lebanon, 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 Lebanon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the highest median tax bill in Lebanon is $798 in the 37090 zip code, while the lowest median tax bill is $678 in the 37087 zip code.
Average Lebanon Assessed Value
$169,950
Average Smith County Assessed Value
$164,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lebanon, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37087 | $43,050 | $87,900 | $158,200 | $224,075 | $325,610 |
| 37090 | $46,220 | $141,400 | $184,300 | $261,250 | $392,570 |
Source: Ownwell
Property Tax Bills Across Lebanon, Tennessee
Property tax bills in Lebanon, TN, are calculated based on the assessed value of a property, which is a percentage of its market value. Homeowners in Lebanon, located in Smith County, experience a range of property tax bills depending on several factors, including the property's assessed value and the local tax rate. The median home price in Lebanon is $169,950, and the property tax rate is applied to this assessed value to determine the annual tax bill. For example, the 25th percentile of property tax bills stands at $431, while the 75th percentile reaches $1,031, and the 90th percentile hits $1,492. These figures illustrate the variability in tax bills within the area. The highest median tax bill in Lebanon is $798 in the 37090 zip code, whereas the lowest median tax bill is $678 in the 37087 zip code. Compared to the national median property tax rate of 0.99%, Lebanon's property taxes can be seen as relatively moderate, affecting homeowners by influencing their annual housing costs and overall affordability.
Average Lebanon Tax Bill
$730
Average Smith County Tax Bill
$769
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lebanon, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37087 | $186 | $378 | $678 | $964 | $1,411 |
| 37090 | $201 | $603 | $798 | $1,132 | $1,701 |
Source: Ownwell