Westpoint, Lawrence County, Tennessee Property Taxes
The median property tax rate in Westpoint, 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 $118,650 in Westpoint, the typical annual property tax bill amounts to $590, well below the national median of $2,690. Property taxes in Westpoint are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Westpoint'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 Westpoint or another part of Lawrence County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Westpoint, Lawrence County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$593
$551
Ownwell’s Westpoint Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westpoint with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westpoint 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 Lawrence County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Westpoint, Lawrence County, Tennessee
Property taxes in Westpoint, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westpoint is 0.50%, which is lower than the U.S. national median of 0.99%. Local government entities within Westpoint set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westpoint 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 Westpoint's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 38486 zip code has the highest median property tax rate of 0.50%, while the 38486 zip code also has the lowest median tax rate of 0.50%. Understanding how these figures compare with Westpoint 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 Westpoint 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 Westpoint, Lawrence County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38486 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Westpoint, Lawrence County, Tennessee
In Westpoint, 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 Westpoint, 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 Westpoint helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Westpoint is $118,650. The 25th percentile tax bill is $356, while the 75th percentile tax bill is $975. The highest median tax bill in the area is $590 in the 38486 zip code, which also has the lowest median tax bill of $590. Understanding these figures can provide a clearer picture of what to expect and how to manage your property taxes effectively.
Property Tax Assessment Values Across Westpoint, Lawrence County, Tennessee
Source: Ownwell
$88,700
$176,475
$264,250
Average Westpoint Assessed Value
$118,650
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 Westpoint, Lawrence County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38486 | $32,600 | $72,200 | $118,650 | $190,650 | $289,300 |
Source: Ownwell
Property Tax Bills Across Westpoint, Lawrence County, Tennessee
In Westpoint, located in Lawrence County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is a percentage of the property's market value. Homeowners in Westpoint experience varying tax bills, with the 25th percentile at $356 and the 75th percentile at $975. The highest tax bill in the area reaches up to $1,443, indicating a significant range depending on property values and applicable exemptions. The median home price in Westpoint is $118,650, which influences the overall tax bill. Homeowners should be aware that their tax bill is influenced by factors such as property size, location, and any qualifying exemptions. Compared to the national median property tax rate of 0.99%, Westpoint's property tax rates provide a relatively affordable environment for homeowners. Understanding these factors helps residents anticipate their annual property tax obligations and plan their finances accordingly.
Average Westpoint Tax Bill
$590
Average Lawrence County Tax Bill
$875
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Westpoint, Lawrence County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38486 | $158 | $356 | $590 | $975 | $1,443 |
Source: Ownwell