Lakeland, Tennessee Property Taxes
The median property tax rate in Lakeland, Tennessee is 0.32%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $443,450 in Lakeland, the typical annual property tax bill is approximately $1,432, which is well below the national median of $2,690. Property taxes in Lakeland 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 Lakeland'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 Lakeland or another part of Fayette County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lakeland, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$1,419
Ownwell’s Lakeland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeland 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 Lakeland, Tennessee
Property taxes in Lakeland, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeland is 0.72%, which is higher than both the Tennessee state median of 0.63% and the U.S. national median of 0.99%. Local government entities within Lakeland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakeland 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 Lakeland's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37919 zip code has the highest median property tax rate of 1.19%, while the 37027 zip code has the lowest median tax rate of 0.41%. Understanding how these cities compare with Lakeland provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakeland Tax Rate
0.32%
Average Fayette County Tax Rate
0.32%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakeland, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38002 | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
Source: Ownwell
Property Tax Assessment Values Across Lakeland, Tennessee
In Lakeland, 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 Fayette 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 Lakeland, 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 Lakeland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1432.00 in the 38002 zip code, while the lowest is also $1432.00 in the same zip code.
Average Lakeland Assessed Value
$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 Lakeland, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38002 | $81,390 | $363,650 | $443,450 | $899,700 | $1,255,360 |
Source: Ownwell
Property Tax Bills Across Lakeland, Tennessee
In Lakeland, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. For homeowners in Lakeland, the median home price is $443,450. The property tax rate in Fayette County influences the final tax bill, which can vary widely among homeowners. Several factors contribute to the final tax bill, including the property's assessed value, any applicable exemptions, and the local tax rate. For example, the tax bill at the 25th percentile is $1,174, while at the 75th percentile, it rises to $2,905. At the 90th percentile, homeowners can expect to pay around $4,053. These variations highlight how different factors and property values affect the overall tax burden. Compared to the national median property tax rate of 0.99%, Lakeland's tax bills reflect the local economic conditions and property values, which can significantly impact homeowners' annual expenses.
Average Lakeland Tax Bill
$1,432
Average Fayette County Tax Bill
$616
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeland, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38002 | $263 | $1,174 | $1,432 | $2,905 | $4,053 |
Source: Ownwell