Lynchburg, Tennessee Property Taxes
The median property tax rate in Lynchburg, TN is 0.66%, slightly higher than the Tennessee state median of 0.64% but still below the national median of 0.99%. With the median home value in Lynchburg at $9,400, the typical annual property tax bill is $62, which is significantly lower than the national median of $2,690. Property taxes in Lynchburg are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lynchburg'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 Lynchburg or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lynchburg, 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 Lynchburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynchburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynchburg 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 Lynchburg, Tennessee
Property taxes in Lynchburg, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynchburg is 0.66%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Lynchburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynchburg 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 Lynchburg's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37352 zip code has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Lynchburg provides valuable insights into the varying tax landscape across Anderson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynchburg Tax Rate
0.66%
Average Anderson County Tax Rate
0.87%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynchburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37352 | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Lynchburg, Tennessee
In Lynchburg, 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 local 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 Lynchburg, 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 Lynchburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip codes with the highest and lowest tax bills are consistent, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $62.
Average Lynchburg Assessed Value
$9,400
Average Anderson County Assessed Value
$128,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lynchburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37352 | $9,400 | $9,400 | $9,400 | $9,400 | $9,400 |
Source: Ownwell
Property Tax Bills Across Lynchburg, Tennessee
In Lynchburg, property tax bills are calculated based on the assessed value of the home, which is a percentage of the property's market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, in Anderson County, the median home price is $9,400. With a consistent tax bill at the 25th, 75th, and 90th percentiles being $62, homeowners can expect a relatively predictable tax expense. Several factors influence the assessed value, including the home's size, age, location, and any improvements or renovations. Unlike some regions where property tax rates can vary significantly, Lynchburg offers a more stable and predictable tax environment. This can be particularly beneficial for homeowners budgeting for annual expenses. Compared to the national median property tax rate of 0.99%, Lynchburg's property tax structure provides a more affordable option for residents, making it an attractive location for property investment and long-term homeownership.
Average Lynchburg Tax Bill
$62
Average Anderson County Tax Bill
$1,127
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynchburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37352 | $62 | $62 | $62 | $62 | $62 |
Source: Ownwell