Fayetteville, Tennessee Property Taxes
The median property tax rate in Fayetteville, TN is 0.58%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Fayetteville at $166,950, the typical annual property tax bill amounts to $970, well below the national median of $2,690. Property taxes in Fayetteville are determined based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Fayetteville's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in notable annual savings. Whether you're in the heart of Fayetteville 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
Fayetteville, 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 Fayetteville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fayetteville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fayetteville 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 Fayetteville, Tennessee
Property taxes in Fayetteville, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fayetteville is 0.58%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Fayetteville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fayetteville 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 Fayetteville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37334 zip code has both the highest and lowest median property tax rate of 0.58%. Understanding how these cities compare with Fayetteville provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fayetteville Tax Rate
0.58%
Average Bedford County Tax Rate
0.58%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fayetteville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37334 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Fayetteville, Tennessee
In Fayetteville, 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 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. Assessment notices in Fayetteville 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 Fayetteville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fayetteville is $166,950, with the highest median tax bill found in the 37334 zip code at $970.
Property Tax Assessment Values Across Fayetteville, Tennessee
Source: Ownwell
$163,100
$322,050
$481,000
Average Fayetteville Assessed Value
$166,950
Average Bedford County Assessed Value
$173,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fayetteville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37334 | $38,300 | $75,325 | $166,950 | $201,700 | $260,450 |
Source: Ownwell
Property Tax Bills Across Fayetteville, Tennessee
In Fayetteville, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Fayetteville can expect their tax bill to be influenced by several factors, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. The median home price in Fayetteville is $166,950, and the property tax rate is a crucial determinant of the final bill. For instance, homeowners in the 25th percentile of tax bills pay around $438, while those in the 75th percentile face bills of approximately $1,172. At the higher end, the 90th percentile tax bill reaches about $1,514. These figures illustrate how property taxes can vary significantly based on property values and local tax rates. The highest and lowest median tax bills in Fayetteville are both $970, suggesting a relatively consistent tax rate across different properties. This consistency helps homeowners anticipate their annual expenses, making financial planning more manageable.
Average Fayetteville Tax Bill
$970
Average Bedford County Tax Bill
$1,283
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayetteville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37334 | $222 | $438 | $970 | $1,172 | $1,514 |
Source: Ownwell