Lewisburg, Tennessee Property Taxes
The median property tax rate in Lewisburg, TN is 0.58%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $177,300 in Lewisburg, the typical annual property tax bill is $1,034, which is well below the national median of $2,690. Property taxes in Lewisburg are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lewisburg'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 Lewisburg 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
Lewisburg, 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 Lewisburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lewisburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lewisburg 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 Lewisburg, Tennessee
Property taxes in Lewisburg, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lewisburg is 0.58%, significantly lower than both the Tennessee state median of 0.68% and the U.S. national median of 0.99%. Local government entities within Lewisburg set these rates annually, and they can vary across different neighborhoods. Each year, Lewisburg 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 Lewisburg's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37091 zip code has both the highest and lowest median property tax rate of 0.58%. Understanding how these cities compare with Lewisburg provides valuable insights into the varying tax landscape across Bedford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lewisburg 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 Lewisburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37091 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Lewisburg, Tennessee
In Lewisburg, 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 Lewisburg, 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. The median home price in Lewisburg is $177,300, with tax bills ranging from $659 at the 25th percentile to $2,183 at the 90th percentile. The highest and lowest median tax bills are both $1,034, found in zip code 37091. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lewisburg Assessed Value
$177,300
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 Lewisburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37091 | $63,620 | $112,900 | $177,300 | $265,100 | $374,680 |
Source: Ownwell
Property Tax Bills Across Lewisburg, Tennessee
In Lewisburg, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate in Bedford County is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $177,300, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Factors such as property location, improvements, and market fluctuations influence the assessed value. In Lewisburg, the property tax bill can range significantly. At the 25th percentile, homeowners might pay around $659 annually, while those at the 75th percentile could see bills as high as $1,557. The highest tax bills, at the 90th percentile, can reach up to $2,183. These property taxes play a crucial role in funding local services like schools, infrastructure, and emergency services. For homeowners, understanding how these taxes are calculated and the factors involved is essential for financial planning and managing homeownership costs effectively.
Average Lewisburg Tax Bill
$1,034
Average Bedford County Tax Bill
$1,283
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lewisburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37091 | $355 | $659 | $1,034 | $1,557 | $2,183 |
Source: Ownwell