Frankewing, Tennessee Property Taxes
The median property tax rate in Frankewing, TN is 0.53%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Frankewing at $131,300, the typical annual property tax bill reaches $690, which is significantly below the national median of $2,690. Property taxes in Frankewing are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Frankewing'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 Frankewing or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Frankewing, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$696
Ownwell’s Frankewing Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frankewing with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frankewing 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 Frankewing, Tennessee
Property taxes in Frankewing, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankewing 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 Frankewing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frankewing 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 Frankewing's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38459 zip code has the highest median property tax rate of 0.53%, while the 38459 zip code also has the lowest median tax rate of 0.53%. Understanding how these cities compare with Frankewing 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 Frankewing 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 Frankewing, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38459 | 0.53% | 0.53% | 0.53% | 0.53% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Frankewing, Tennessee
In Frankewing, 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 Lincoln 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 Frankewing, 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 Frankewing helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 38459, with a median tax bill of $690, which is significantly lower than the national median property tax rate of 0.99%.
Average Frankewing Assessed Value
$131,300
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 Frankewing, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38459 | $50,480 | $82,975 | $131,300 | $211,350 | $315,360 |
Source: Ownwell
Property Tax Bills Across Frankewing, Tennessee
In Frankewing, Lincoln County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The assessment ratio in Tennessee is typically 25% for residential properties. This means that a home with a market value of $131,300 would have an assessed value of $32,825. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Factors influencing the tax bill include the property's market value, assessment ratio, and the local tax rate. For homeowners in Frankewing, the tax bills can vary significantly. At the 25th percentile, homeowners might pay around $436, while those at the 75th percentile could see bills as high as $1,110. The 90th percentile tax bill can reach up to $1,658. This variability can impact homeowners' finances, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate and manage their property tax obligations effectively.
Average Frankewing Tax Bill
$690
Average Lincoln County Tax Bill
$686
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Frankewing, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38459 | $265 | $436 | $690 | $1,110 | $1,658 |
Source: Ownwell