Elora, Tennessee Property Taxes
The median property tax rate in Elora, TN is 0.53%, notably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Elora at $114,600, the typical annual property tax bill amounts to $602, significantly below the national median of $2,690. Property taxes in Elora are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Elora'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 Elora or another part of Lincoln County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elora, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$607
Ownwell’s Elora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elora 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 Elora, Tennessee
Property taxes in Elora, Tennessee, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elora is 0.53%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Elora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elora 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 Elora's effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest median property tax rate in Lincoln County is 0.53%, while the lowest median tax rate is also 0.53%. Understanding how these cities compare with Elora provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elora Tax Rate
0.53%
Average Lincoln County Tax Rate
0.53%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elora, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37328 | 0.53% | 0.53% | 0.53% | 0.53% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Elora, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Elora, Tennessee. 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 Lincoln 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 Elora, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Elora is $602.00 in the zip code 37328, while the lowest median tax bill is also $602.00 in the same zip code.
Average Elora Assessed Value
$114,600
Average Lincoln County Assessed Value
$117,700
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elora, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37328 | $42,200 | $73,850 | $114,600 | $167,225 | $261,010 |
Source: Ownwell
Property Tax Bills Across Elora, Tennessee
Property tax bills in Elora, located in Lincoln County, TN, are determined based on the assessed value of a property and the applicable tax rate. The assessed value is a percentage of the property's market value, which is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $114,600, homeowners can expect a median tax bill around $602, which aligns with the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. In Elora, the 25th percentile tax bill is approximately $391, while the 75th percentile tax bill reaches $875, and the 90th percentile tax bill can be as high as $1,361. These variations reflect differences in property values and specific circumstances affecting each homeowner. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Elora Tax Bill
$602
Average Lincoln County Tax Bill
$686
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Elora, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37328 | $225 | $391 | $602 | $875 | $1,361 |
Source: Ownwell