Petersburg, Lincoln County, Tennessee Property Taxes
The median property tax rate in Petersburg, 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 Petersburg at $108,550, the typical annual property tax bill reaches $595, well below the national median of $2,690. Property taxes in Petersburg 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 Petersburg'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 Petersburg 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
Petersburg, Lincoln County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$575
$534
Ownwell’s Petersburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Petersburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petersburg 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 Petersburg, Lincoln County, Tennessee
Property taxes in Petersburg, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Petersburg is 0.53%, lower than both the Tennessee state median of 0.64% and the U.S. national median of 0.99%. Local government entities within Petersburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Petersburg 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 Petersburg's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37144 zip code has both the highest and lowest median property tax rate of 0.53%. Understanding how these cities compare with Petersburg 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 Petersburg 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 Petersburg, Lincoln County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37144 | 0.53% | 0.53% | 0.53% | 0.53% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Petersburg, Lincoln County, Tennessee
In Petersburg, 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 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 Petersburg, 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. For example, the median home price in the area is $108,550, with tax bills ranging from $399 at the 25th percentile to $1,498 at the 90th percentile. The zip code with the highest and lowest median tax bill is 37144, both at $595. By understanding 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 Petersburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Petersburg, Lincoln County, Tennessee
Source: Ownwell
$103,100
$119,825
$136,550
Average Petersburg Assessed Value
$108,550
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 Petersburg, Lincoln County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37144 | $42,160 | $68,925 | $108,550 | $185,975 | $282,570 |
Source: Ownwell
Property Tax Bills Across Petersburg, Lincoln County, Tennessee
In Petersburg, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Petersburg is $108,550. To determine the tax bill, the local tax rate is applied to this assessed value. Factors such as property size, location, and any applicable exemptions can influence the final tax amount. Homeowners in Petersburg experience varying tax bills, with the 25th percentile paying around $399 and the 75th percentile paying approximately $993. At the 90th percentile, tax bills can reach up to $1,498. The national median property tax rate is 0.99%, making Petersburg’s property taxes relatively manageable for homeowners. These tax bills contribute to essential public services like schools, roads, and emergency services, impacting the quality of life and community development. Understanding how property tax bills are calculated can help homeowners better manage their finances and plan for future expenses.
Average Petersburg Tax Bill
$595
Average Lincoln County Tax Bill
$686
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Petersburg, Lincoln County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37144 | $241 | $399 | $595 | $993 | $1,498 |
Source: Ownwell