Iron City, Tennessee Property Taxes
The median property tax rate in Iron City, 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 $88,700 in Iron City, the typical annual property tax bill is $430, considerably less than the national median of $2,690. Property taxes in Iron 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 Iron 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 Iron City 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
Iron City, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$444
$412
Ownwell’s Iron City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Iron City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Iron 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 Iron City, Tennessee
Property taxes in Iron City, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iron City is 0.50%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Iron City set these rates annually, and they can vary across different neighborhoods. Each year, Iron 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 Iron City's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 38463 has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these figures compare with Iron City 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 Iron City 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 Iron City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38463 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Iron City, Tennessee
In Iron 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 Lawrence County Assessor's Office 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 Iron 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 Iron City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38463 has the highest and lowest median tax bill at $430.
Average Iron City Assessed Value
$88,700
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 Iron City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38463 | $21,630 | $49,025 | $88,700 | $133,550 | $205,140 |
Source: Ownwell
Property Tax Bills Across Iron City, Tennessee
In Iron City, located in Lawrence County, TN, property tax bills are calculated based on the assessed value of a homeowner's property. The assessment process involves evaluating the market value of the property and then applying an assessment ratio to determine its assessed value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors impact the final tax bill, including the property's market value, local assessment ratios, and the tax rate set by local authorities. For example, with a median home price of $88,700, homeowners in Iron City can expect a range of tax bills. The 25th percentile tax bill is around $245, while the 75th percentile tax bill reaches approximately $673. At the higher end, the 90th percentile tax bill can be as much as $1,035. These variations highlight how different property values and assessment ratios can significantly affect the amount homeowners are required to pay annually. Understanding these factors is crucial for homeowners in Iron City, as property taxes can influence overall housing costs and financial planning.
Average Iron City Tax Bill
$430
Average Lawrence County Tax Bill
$875
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Iron City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38463 | $115 | $245 | $430 | $673 | $1,035 |
Source: Ownwell