Lake County Property Taxes
The median property tax rate in Lake County is 1.30%, which is significantly higher than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Lake County, the typical annual property tax bill reaches $585, which is substantially lower than the national median of $2,690. Property taxes in Lake County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Lake 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 Tiptonville or another part of Lake County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$663
Ownwell’s Lake County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Lake County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Lake 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 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 Lake County, Tennessee
Property taxes in Lake County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Lake County is 1.30%, which is higher than the U.S. national median of 0.99%. Local government entities within Lake County set these rates annually, and they can vary significantly between different areas within the county. Each year, Lake 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. The following data compares Lake County's effective property tax rate with other regions. For comparison, the city of Tiptonville has one of the higher property tax rates in Tennessee at 1.33%, while the city of Ridgely boasts one of the lowest at 1.30%. Analyzing how Lake County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Lake County Tax Rate
1.30%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake County, Tennessee
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Ridgely | 0.83% | 1.29% | 1.30% | 1.30% | 1.30% |
| Tiptonville | 0.83% | 0.83% | 1.33% | 1.33% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Lake County, Tennessee
In Lake 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 Lake 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 Lake 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. For example, Ridgely has the highest median tax bill at $600, while Tiptonville has the lowest at $574. Being aware of these valuation processes in Lake County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Lake County Assessed Value
$51,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake County, Tennessee
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Ridgely | $21,800 | $34,100 | $50,600 | $75,100 | $126,500 |
| Tiptonville | $18,330 | $31,625 | $51,250 | $77,100 | $121,510 |
Source: Ownwell
Property Tax Bills Across Lake County, Tennessee
In Lake County, TN, property tax bills are determined by the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the tax bill. Factors such as the location of the property, its size, and any improvements made can influence the assessed value. For instance, homes in Ridgely have the highest median tax bill in the county at $600, while those in Tiptonville have the lowest at $574. Homeowners in Lake County can expect their tax bills to vary significantly. The 25th percentile tax bill is $355, while the 75th percentile reaches $890, and the 90th percentile can be as high as $1,341. These figures indicate a range of tax burdens, with some homeowners paying more than double what others do. Compared to the national median property tax rate of 0.99%, Lake County's rates can offer both affordable and relatively higher tax scenarios, impacting homeowners' annual financial planning.
Average Lake County Tax Bill
$585
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake County, Tennessee
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Ridgely | $241 | $402 | $600 | $917 | $1,394 |
| Tiptonville | $199 | $335 | $574 | $866 | $1,330 |
Source: Ownwell