Fayette County Property Taxes
The median property tax rate in Fayette County is 0.32%, which is significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value in Fayette County of $164,200, the typical annual property tax bill is $616, well below the national median of $2,690. Property taxes in Fayette County are calculated based on the assessed value, which often falls below the actual market value due to various property tax exemptions, such as those for primary residences and agricultural land. Understanding Fayette County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Somerville or another part of Fayette County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fayette County 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 Fayette County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Fayette County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Fayette County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property’s assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Fayette County, Tennessee
Property taxes in Fayette County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Fayette County is 0.32%, which is significantly lower than both the Tennessee state median of 0.68% and the U.S. national median of 0.99%. Local government entities within Fayette County set these rates annually, and they can vary significantly between different areas within the county. Each year, Fayette County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Gallaway has one of the higher property tax rates in Tennessee at 0.63%, while the city of Piperton boasts one of the lowest at 0.40%. Analyzing how Fayette County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Fayette County Tax Rate
0.32%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fayette County, Tennessee
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Arlington | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
| Collierville | 0.32% | 0.32% | 0.32% | 0.40% | 0.40% |
| Eads | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
| Gallaway | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
| Grand Junction | 0.32% | 0.32% | 0.32% | 0.32% | 0.33% |
| Hickory Valley | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
| La Grange | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
| Lakeland | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
| Macon | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
| Mason | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
| Moscow | 0.32% | 0.32% | 0.32% | 0.32% | 0.77% |
| Oakland | 0.32% | 0.32% | 0.43% | 0.43% | 0.43% |
| Piperton | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| Rossville | 0.32% | 0.32% | 0.32% | 0.57% | 0.57% |
| Somerville | 0.32% | 0.32% | 0.32% | 0.47% | 0.47% |
| Stanton | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
| Whiteville | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
| Williston | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
Source: Ownwell
Property Tax Assessment Values Across Fayette County, Tennessee
In Fayette County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Fayette County Appraisal District. The assessed value, however, 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 Fayette County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. In Fayette County, the median home price is $164,200. The highest median tax bill is found in Piperton at $1,704, while the lowest is in Hickory Valley at $106. Being aware of these valuation processes in Fayette County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Fayette County, Tennessee
Source: Ownwell
$5,300
$224,375
$443,450
Average Fayette County Assessed Value
$164,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fayette County, Tennessee
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Arlington | $19,600 | $32,500 | $133,400 | $345,000 | $558,360 |
| Collierville | $24,800 | $46,875 | $133,200 | $316,275 | $468,800 |
| Eads | $53,500 | $124,550 | $301,300 | $447,600 | $608,600 |
| Gallaway | $6,830 | $34,325 | $63,050 | $79,350 | $89,970 |
| Grand Junction | $12,060 | $24,700 | $51,800 | $103,675 | $169,800 |
| Hickory Valley | $32,800 | $32,800 | $32,800 | $32,800 | $32,800 |
| La Grange | $10,350 | $19,025 | $78,650 | $250,425 | $319,900 |
| Lakeland | $81,390 | $363,650 | $443,450 | $899,700 | $1,255,360 |
| Macon | $71,000 | $71,000 | $71,000 | $71,000 | $71,000 |
| Mason | $11,330 | $28,175 | $61,150 | $135,400 | $244,600 |
| Moscow | $15,460 | $35,300 | $76,200 | $144,925 | $280,710 |
| Oakland | $49,970 | $156,200 | $220,200 | $279,300 | $333,500 |
| Piperton | $75,000 | $185,875 | $429,450 | $617,925 | $729,660 |
| Rossville | $33,800 | $65,200 | $188,700 | $415,750 | $514,400 |
| Somerville | $19,100 | $42,650 | $84,000 | $187,350 | $290,120 |
| Stanton | $16,530 | $28,825 | $68,000 | $97,025 | $147,190 |
| Whiteville | $27,840 | $46,600 | $100,400 | $162,400 | $219,900 |
| Williston | $30,280 | $61,000 | $90,900 | $190,000 | $329,280 |
Source: Ownwell
Property Tax Bills Across Fayette County, Tennessee
In Fayette County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property location, size, and improvements can influence the assessed value. For instance, properties in Piperton have the highest median tax bill at $1,704, while those in Hickory Valley have the lowest at $106. Homeowners in Fayette County experience a range of tax bills, from the 25th percentile at $202 to the 75th percentile at $1,103, with the 90th percentile reaching up to $1,578. These tax bills can significantly impact homeowners' annual expenses, making it essential to understand how their property is assessed and what exemptions or appeals might be available. Compared to the national median property tax rate of 0.99%, Fayette County's tax rates can vary widely, affecting the overall affordability and cost of homeownership in the region.
Average Fayette County Tax Bill
$616
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayette County, Tennessee
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Arlington | $64 | $107 | $441 | $1,127 | $1,820 |
| Collierville | $91 | $158 | $434 | $1,022 | $1,647 |
| Eads | $176 | $403 | $981 | $1,449 | $1,981 |
| Gallaway | $43 | $216 | $398 | $501 | $568 |
| Grand Junction | $39 | $82 | $168 | $334 | $580 |
| Hickory Valley | $106 | $106 | $106 | $106 | $106 |
| La Grange | $64 | $118 | $515 | $1,552 | $1,981 |
| Lakeland | $263 | $1,174 | $1,432 | $2,905 | $4,053 |
| Macon | $229 | $229 | $229 | $229 | $229 |
| Mason | $36 | $91 | $203 | $443 | $806 |
| Moscow | $54 | $124 | $287 | $626 | $994 |
| Oakland | $172 | $630 | $912 | $1,159 | $1,387 |
| Piperton | $300 | $739 | $1,704 | $2,486 | $2,970 |
| Rossville | $114 | $219 | $758 | $2,014 | $2,612 |
| Somerville | $64 | $146 | $308 | $656 | $1,136 |
| Stanton | $54 | $93 | $220 | $313 | $476 |
| Whiteville | $90 | $150 | $324 | $524 | $710 |
| Williston | $98 | $197 | $293 | $613 | $1,063 |
Source: Ownwell