Taft, Lincoln County, Tennessee Property Taxes
The median property tax rate in Taft, TN is 0.53%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Taft at $136,550, the typical annual property tax bill is $718, which is well below the national median of $2,690. Property taxes in Taft 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 Taft'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 Taft or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Taft, Lincoln County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$724
$672
Ownwell’s Taft Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taft with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taft 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 Taft, Lincoln County, Tennessee
Property taxes in Taft, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taft is 0.53%, which is lower than the U.S. national median of 0.99%. Local government entities within Taft set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taft 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 Taft's effective property tax rate to other areas in Tennessee and the national median. For comparison, the ZIP code 38488 has both the highest and lowest median property tax rate of 0.53%. Understanding how these areas compare with Taft 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 Taft 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 Taft, Lincoln County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38488 | 0.53% | 0.53% | 0.53% | 0.53% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Taft, Lincoln County, Tennessee
In Taft, 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 Taft, 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 Taft helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Taft are both $718.00, found in the zip code 38488.
Property Tax Assessment Values Across Taft, Lincoln County, Tennessee
Source: Ownwell
$103,100
$119,825
$136,550
Average Taft Assessed Value
$136,550
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 Taft, Lincoln County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38488 | $47,230 | $82,050 | $136,550 | $215,125 | $311,910 |
Source: Ownwell
Property Tax Bills Across Taft, Lincoln County, Tennessee
In Taft, Lincoln County, TN, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors that influence the tax bill include the property's market value, any applicable exemptions, and the local tax rate. For homeowners in Taft, the median home price is $136,550. Tax bills can vary significantly, with the 25th percentile at $431 and the 75th percentile at $1129. For those in the 90th percentile, the tax bill can reach up to $1641. The highest and lowest median tax bills in the area are both $718, specifically in the 38488 zip code. These tax bills directly impact homeowners by influencing their annual financial obligations. Understanding how these bills are calculated helps homeowners budget accordingly and take advantage of any potential exemptions to reduce their tax burden.
Average Taft Tax Bill
$718
Average Lincoln County Tax Bill
$686
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Taft, Lincoln County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38488 | $248 | $431 | $718 | $1,129 | $1,641 |
Source: Ownwell