Ethridge, Tennessee Property Taxes
The median property tax rate in Ethridge, TN is 0.50%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Ethridge at $142,800, the typical annual property tax bill amounts to $723, substantially below the national median of $2,690. Property taxes in Ethridge are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ethridge'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 Ethridge or another part of Lawrence County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ethridge, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$714
$663
Ownwell’s Ethridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ethridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ethridge 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 Ethridge, Tennessee
Property taxes in Ethridge, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ethridge is 0.50%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Ethridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ethridge 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 Ethridge's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 38456 has both the highest and lowest median property tax rate of 0.50%. Understanding how these areas compare with Ethridge provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ethridge Tax Rate
0.50%
Average Lawrence County Tax Rate
0.50%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ethridge, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38456 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Ethridge, Tennessee
In Ethridge, 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 Lawrence 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 Ethridge, 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 Ethridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Ethridge stands at $142,800, with the highest and lowest median tax bills both recorded at $723 in the 38456 zip code.
Average Ethridge Assessed Value
$142,800
Average Lawrence County Assessed Value
$151,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ethridge, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38456 | $39,480 | $88,800 | $142,800 | $211,300 | $309,240 |
Source: Ownwell
Property Tax Bills Across Ethridge, Tennessee
In Ethridge, located in Lawrence County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. For example, if the median home price in Ethridge is $142,800, the assessed value will be a fraction of this amount, depending on state regulations. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. In Ethridge, homeowners can expect tax bills ranging from $447 at the 25th percentile to $1,558 at the 90th percentile. The median property tax bill stands at $723, which is significantly lower than the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, emergency services, and infrastructure maintenance, directly impacting homeowners' quality of life. Lower property taxes can make homeownership more affordable, but it's crucial to consider the balance between tax rates and the quality of local services.
Average Ethridge Tax Bill
$723
Average Lawrence County Tax Bill
$875
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Ethridge, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38456 | $201 | $447 | $723 | $1,078 | $1,558 |
Source: Ownwell