Leoma, Giles County, Tennessee Property Taxes
The median property tax rate in Leoma, TN is 0.50%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $200,600 in Leoma, the typical annual property tax bill amounts to $996, well below the national median of $2,690. Property taxes in Leoma are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Leoma'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 Leoma or another part of Giles County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Leoma, Giles County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$1,003
$931
Ownwell’s Leoma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leoma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leoma 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 Leoma, Giles County, Tennessee
Property taxes in Leoma, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leoma is 0.50%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Leoma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leoma 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 Leoma's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38468 zip code has both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with Leoma provides valuable insights into the varying tax landscape across Giles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leoma Tax Rate
0.50%
Average Giles County Tax Rate
0.50%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leoma, Giles County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38468 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Leoma, Giles County, Tennessee
In Leoma, 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 Giles 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 Leoma, 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 Leoma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 38468, with a median tax bill of $996.
Property Tax Assessment Values Across Leoma, Giles County, Tennessee
Source: Ownwell
$103,700
$152,150
$200,600
Average Leoma Assessed Value
$200,600
Average Giles County Assessed Value
$155,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leoma, Giles County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38468 | $81,500 | $119,900 | $200,600 | $308,200 | $422,760 |
Source: Ownwell
Property Tax Bills Across Leoma, Giles County, Tennessee
In Leoma, property tax bills are calculated based on the assessed value of a home, which is determined by the Giles County property assessor. The process begins with establishing the market value of the property, followed by applying an assessment ratio to determine the assessed value. For residential properties in Tennessee, the assessment ratio is typically 25% of the market value. The assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the tax bill, including the property's market value, the assessment ratio, and the local tax rate. Homeowners in Leoma can expect a median tax bill of around $996, with the 25th percentile tax bill at $596 and the 75th percentile reaching $1530. For those at the 90th percentile, the tax bill can be as high as $2099. These property taxes fund essential public services, impacting homeowners by contributing to community resources such as schools, roads, and emergency services.
Average Leoma Tax Bill
$996
Average Giles County Tax Bill
$838
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Leoma, Giles County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38468 | $426 | $596 | $996 | $1,530 | $2,099 |
Source: Ownwell