Lawrenceburg, Tennessee Property Taxes
The median property tax rate in Lawrenceburg, TN is 0.47%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Lawrenceburg at $274,600, the typical annual property tax bill is $1,078, well below the national median of $2,690. Property taxes in Lawrenceburg are calculated based on the tax assessed value, which often falls below market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Lawrenceburg'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 Lawrenceburg or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lawrenceburg, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Lawrenceburg Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Lawrenceburg. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Lawrenceburg to provide an accurate estimate of your property tax bill. This user-friendly tool helps you gain a clear understanding of your potential tax liabilities. For those interested in more detailed insights, scrolling down reveals neighborhood-specific trends. Your property’s assessed value, determined by the county, plays a crucial role in these calculations and considers any applicable exemptions.
Property Tax Rates Across Lawrenceburg, Tennessee
Property taxes in Lawrenceburg, Tennessee, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Lawrenceburg stands at 0.47%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Lawrenceburg set these rates annually, and they can vary across different neighborhoods. Each year, Lawrenceburg 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 Lawrenceburg's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38464 in Lawrenceburg itself has both the highest and lowest median property tax rate of 0.47%. Understanding how Lawrenceburg compares with other regions provides valuable insights into the varying tax landscape across Lewis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lawrenceburg Tax Rate
0.47%
Average Lewis County Tax Rate
0.47%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lawrenceburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38464 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Lawrenceburg, Tennessee
In Lawrenceburg, 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 local 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 Lawrenceburg, 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. The zip code 38464 in Lawrenceburg has the highest and lowest median tax bill, both at $1,078. Being aware of these valuation processes in Lawrenceburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lawrenceburg Assessed Value
$274,600
Average Lewis County Assessed Value
$107,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lawrenceburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38464 | $237,960 | $251,700 | $274,600 | $297,500 | $311,240 |
Source: Ownwell
Property Tax Bills Across Lawrenceburg, Tennessee
In Lawrenceburg, TN, property tax bills are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is determined as a percentage of the market value, which is established by the county assessor. Various factors, such as property size, location, and improvements, influence the market value and, consequently, the assessed value. For instance, in Lawrenceburg, the median home price is $274,600. With a consistent tax bill of $1,078 across different percentiles, the effective property tax rate is approximately 0.39%, which is significantly lower than the national median property tax rate of 0.99%. This lower rate can make homeownership more affordable compared to other regions. Homeowners in Lawrenceburg benefit from this lower tax burden, potentially freeing up resources for other expenses or investments. However, it's essential for homeowners to stay informed about any changes in assessed values or tax rates to anticipate future tax liabilities accurately.
Average Lawrenceburg Tax Bill
$1,078
Average Lewis County Tax Bill
$476
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lawrenceburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38464 | $1,078 | $1,078 | $1,078 | $1,078 | $1,078 |
Source: Ownwell