Lafollette, Tennessee Property Taxes
The median property tax rate in Lafollette, TN is 0.82%, which is lower than the national median of 0.99% but higher than the Tennessee state median of 0.64%. With the median home value in Lafollette at $113,350, the typical annual property tax bill amounts to $588, significantly below the national median of $2,690. Property taxes in Lafollette are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lafollette'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 Lafollette 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
Lafollette, 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 LAFOLLETTE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LAFOLLETTE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LAFOLLETTE 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 Lafollette, Tennessee
Property taxes in LaFollette, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in LaFollette is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within LaFollette set these rates annually, and they can vary significantly across different neighborhoods. Each year, LaFollette 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 LaFollette's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37766 zip code has the median property tax rate of 0.82%. Understanding how these cities compare with LaFollette provides valuable insights into the varying tax landscape across Campbell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lafollette Tax Rate
0.82%
Average Campbell County Tax Rate
0.51%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lafollette, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37766 | 0.57% | 0.66% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Lafollette, Tennessee
In LaFollette, 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 Campbell County Assessor 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 LaFollette, 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 LaFollette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 37766 has the highest and lowest median tax bill, both at $588.
Average Lafollette Assessed Value
$113,350
Average Campbell County Assessed Value
$89,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lafollette, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37766 | $65,560 | $94,450 | $113,350 | $132,300 | $161,280 |
Source: Ownwell
Property Tax Bills Across Lafollette, Tennessee
In LaFollette, property tax bills are calculated based on the assessed value of a property, which is determined by the Campbell County Assessor's Office. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. Factors considered include the property's location, size, and condition, as well as recent sales of comparable properties in the area. For homeowners in LaFollette, the tax bill can vary significantly. The 25th percentile tax bill is around $485, while the 75th percentile reaches $749, and the 90th percentile is $846. These figures are relatively lower compared to the national median property tax rate of 0.99%. Understanding how these factors affect your tax bill can help you plan better financially and potentially seek exemptions or appeals to lower your tax burden. By staying informed, homeowners can ensure they are not overpaying on their property taxes.
Average Lafollette Tax Bill
$588
Average Campbell County Tax Bill
$481
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lafollette, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37766 | $423 | $485 | $588 | $749 | $846 |
Source: Ownwell