Luray, Chester County, Tennessee Property Taxes
The median property tax rate in Luray, TN is 0.62%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Luray at $138,900, the typical annual property tax bill is $810, significantly below the national median of $2,690. Property taxes in Luray 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 Luray'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 Luray 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
Luray, Chester County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$861
$799
Ownwell’s Luray Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Luray with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Luray 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 Luray, Chester County, Tennessee
Property taxes in Luray, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Luray is 0.62%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Luray set these rates annually, and they can vary significantly across different neighborhoods. Each year, Luray 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 Luray's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38352 zip code has the highest median property tax rate of 0.62%, while the 38352 zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Luray provides valuable insights into the varying tax landscape across Chester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Luray Tax Rate
0.62%
Average Chester County Tax Rate
0.62%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Luray, Chester County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38352 | 0.45% | 0.60% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Luray, Chester County, Tennessee
In Luray, 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 Chester 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 Luray, 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 Luray helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38352 has the highest and lowest median tax bill, both at $810. This is relatively manageable compared to other regions, making it essential to stay informed and proactive.
Property Tax Assessment Values Across Luray, Chester County, Tennessee
Source: Ownwell
$76,250
$109,525
$142,800
Average Luray Assessed Value
$138,900
Average Chester County Assessed Value
$125,450
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Luray, Chester County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38352 | $41,280 | $78,550 | $138,900 | $238,450 | $365,580 |
Source: Ownwell
Property Tax Bills Across Luray, Chester County, Tennessee
In Luray, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the market value of the property. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Luray can expect varying tax bills depending on these factors. For instance, the 25th percentile tax bill is around $464, while the 75th percentile tax bill is approximately $1,269. At the higher end, the 90th percentile tax bill reaches up to $1,725. Comparatively, the median property tax rate in Luray is significantly lower than the national median of 0.99%. Understanding these factors can help homeowners anticipate their property tax obligations and plan accordingly, ensuring they are not caught off guard by their annual tax bill.
Average Luray Tax Bill
$810
Average Chester County Tax Bill
$763
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Luray, Chester County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38352 | $252 | $464 | $810 | $1,269 | $1,725 |
Source: Ownwell