Summertown, Tennessee Property Taxes
The median property tax rate in Summertown, 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 $168,750 in Summertown, the typical annual property tax bill is $856, well below the national median of $2,690. Property taxes in Summertown are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Summertown's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Summertown or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Summertown, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$844
$783
Ownwell’s Summertown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summertown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summertown 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 Summertown, Tennessee
Property taxes in Summertown, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summertown 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 Summertown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summertown 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 Summertown's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 38483 has the same median property tax rate of 0.50%. Understanding how these areas compare with Summertown 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 Summertown 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 Summertown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38483 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Summertown, Tennessee
In Summertown, 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 Summertown, 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 Summertown 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 $856, found in the 38483 zip code.
Average Summertown Assessed Value
$168,750
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 Summertown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38483 | $36,810 | $87,025 | $168,750 | $242,250 | $326,290 |
Source: Ownwell
Property Tax Bills Across Summertown, Tennessee
Property tax bills in Summertown, located in Lawrence County, TN, are determined by several key factors. The primary component is the assessed value of the property, which is a percentage of the market value. For instance, if the median home price is $168,750, the assessed value will be a fraction of this figure, as determined by local assessment rules. The tax rate, which is applied to the assessed value, is another crucial factor. Homeowners in Summertown can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $436, while the 75th percentile tax bill reaches $1,228. At the higher end, the 90th percentile tax bill can be as much as $1,643. These variations reflect differences in property values and the specific characteristics of each property. Compared to the national median property tax rate of 0.99%, Summertown's property tax bills offer a range of affordability, impacting homeowners differently based on their property's assessed value and the applicable tax rate.
Average Summertown Tax Bill
$856
Average Lawrence County Tax Bill
$875
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Summertown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38483 | $176 | $436 | $856 | $1,228 | $1,643 |
Source: Ownwell