Lynnville, Giles County, Tennessee Property Taxes
The median property tax rate in Lynnville, TN is 0.50%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Lynnville at $164,650, the typical annual property tax bill reaches $872, significantly below the national median of $2,690. Property taxes in Lynnville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lynnville'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 Lynnville 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
Lynnville, Giles County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$823
$764
Ownwell’s Lynnville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynnville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynnville 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 Lynnville, Giles County, Tennessee
Property taxes in Lynnville, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynnville 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 Lynnville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynnville 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 Lynnville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38472 zip code has the highest median property tax rate of 0.50%, while the same 38472 zip code also has the lowest median tax rate of 0.50%. Understanding how these cities compare with Lynnville 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 Lynnville 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 Lynnville, Giles County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38472 | 0.50% | 0.50% | 0.50% | 0.52% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Lynnville, Giles County, Tennessee
In Lynnville, 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 Lynnville, 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 Lynnville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median tax bill in the 38472 zip code is $872, highlighting the variability in tax obligations within the region.
Property Tax Assessment Values Across Lynnville, Giles County, Tennessee
Source: Ownwell
$103,700
$152,150
$200,600
Average Lynnville Assessed Value
$164,650
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 Lynnville, Giles County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38472 | $50,000 | $97,000 | $164,650 | $271,000 | $433,550 |
Source: Ownwell
Property Tax Bills Across Lynnville, Giles County, Tennessee
In Lynnville, located in Giles County, TN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the property's market value, which is periodically evaluated by the county assessor's office. Factors such as property size, location, and improvements can influence this assessed value. Homeowners in Lynnville experience a range of tax bills, with the 25th percentile paying around $517 and the 75th percentile paying approximately $1,404 annually. The highest median tax bill in the area is $872, found in the 38472 zip code. Comparatively, the national median property tax rate is 0.99%, making Lynnville's rates relatively moderate. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding this calculation helps homeowners anticipate their financial obligations and plan accordingly.
Average Lynnville Tax Bill
$872
Average Giles County Tax Bill
$838
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynnville, Giles County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38472 | $245 | $517 | $872 | $1,404 | $2,272 |
Source: Ownwell