Lenox, Georgia Property Taxes
The median property tax rate in Lenox, GA is 1.19%, which is considerably higher than both the national median of 0.99% and Georgia's state median of 1.08%. With a median home value of $62,077 in Lenox, the typical annual property tax bill is about $509, lower than the national median of $2,690. Property taxes in Lenox 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 Lenox'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 Lenox 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
Lenox, Georgia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$739
$686
Ownwell’s Lenox Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lenox with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lenox 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 Lenox, Georgia
Property taxes in Lenox, Georgia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lenox is 1.19%, significantly higher than both the Georgia state median and the U.S. national median of 0.99%. Local government entities within Lenox set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lenox 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 Lenox's effective property tax rate to other counties in Georgia and the national median. For comparison, the zip code 31637 in Tift County has the highest median property tax rate of 1.19%, while the same zip code also has the lowest median tax rate of 1.19%. Understanding how these areas compare with Lenox provides valuable insights into the varying tax landscape across Tift County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lenox Tax Rate
1.19%
Average Tift County Tax Rate
1.19%
Average Georgia Tax Rate
1.08%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lenox, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 31637 | 0.56% | 0.81% | 1.19% | 1.19% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Lenox, Georgia
In Lenox, Georgia, 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 Tift 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 Lenox, 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 zip code with the highest median tax bill in Lenox is 31637, with a median tax bill of $509. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lenox Assessed Value
$62,077
Average Tift County Assessed Value
$88,368
Average Georgia Assessed Value
$231,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lenox, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 31637 | $14,002 | $24,755 | $62,077 | $128,743 | $171,593 |
Source: Ownwell
Property Tax Bills Across Lenox, Georgia
In Lenox, Tift County, GA, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The median home price in Lenox is $62,077. Homeowners' tax bills can vary significantly, with the 25th percentile paying around $283, while those in the 75th percentile pay up to $1,201. The tax bill can go as high as $1,784 for the 90th percentile. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. These elements combined determine the financial responsibility of homeowners. Compared to the national median property tax rate of 0.99%, Lenox's rates reflect the local economic conditions and funding requirements for public services. For homeowners, understanding these factors is crucial as they directly impact annual expenses and the overall affordability of owning property in the area.
Average Lenox Tax Bill
$509
Average Tift County Tax Bill
$893
Average Georgia Tax Bill
$2,212
Average United States Tax Bill
$2,690
Property Tax Bills Across Lenox, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 31637 | $152 | $283 | $509 | $1,201 | $1,784 |
Source: Ownwell