Lenoir City, Knox County, Tennessee Property Taxes
The median property tax rate in Lenoir City, TN, is 0.39%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $316,600 in Lenoir City, the typical annual property tax bill amounts to $1,232, well below the national median of $2,690. Property taxes in Lenoir City 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 Lenoir City'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 Lenoir City 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
Lenoir City, Knox County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$1,235
$1,146
Ownwell’s Lenoir City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lenoir City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lenoir City 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 Lenoir City, Knox County, Tennessee
Property taxes in Lenoir City, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lenoir City is 0.39%, significantly lower than both the Tennessee state median of 0.68% and the U.S. national median of 0.99%. Local government entities within Lenoir City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lenoir City 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 Lenoir City's effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest median property tax rate in the state is found in Williamson County, with a rate of 0.56%, while the lowest median tax rate is in Pickett County at 0.31%. Understanding how these cities compare with Lenoir City provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lenoir City Tax Rate
0.39%
Average Knox County Tax Rate
0.39%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lenoir City, Knox County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37772 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Lenoir City, Knox County, Tennessee
In Lenoir City, 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 Knox 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 Lenoir City, 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 Lenoir City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,232, found in the 37772 zip code.
Property Tax Assessment Values Across Lenoir City, Knox County, Tennessee
Source: Ownwell
$93,700
$283,700
$473,700
Average Lenoir City Assessed Value
$316,600
Average Knox County Assessed Value
$222,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lenoir City, Knox County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37772 | $302,360 | $308,000 | $316,600 | $332,500 | $346,340 |
Source: Ownwell
Property Tax Bills Across Lenoir City, Knox County, Tennessee
Property tax bills in Lenoir City, located in Knox County, TN, are calculated based on the assessed value of a property and the local tax rate. Homeowners in this area typically see property tax bills varying from $1,200 at the 25th percentile to $1,347 at the 90th percentile. These figures are influenced by the median home price, which stands at $316,600. The assessed value is a percentage of the market value of the property, determined by the local assessor's office. This value is then multiplied by the local tax rate to calculate the annual property tax bill. Factors such as property size, location, and condition can affect the assessed value, and consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Lenoir City's property tax bills are relatively moderate. This can be beneficial for homeowners, as lower property taxes can make homeownership more affordable and potentially increase property values in the long term.
Average Lenoir City Tax Bill
$1,232
Average Knox County Tax Bill
$1,143
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lenoir City, Knox County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37772 | $1,180 | $1,200 | $1,232 | $1,294 | $1,347 |
Source: Ownwell