Lafayette, Macon County, Tennessee Property Taxes
The median property tax rate in Lafayette, TN, is 0.60%, which is notably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Lafayette at $87,500, the typical annual property tax bill amounts to $587, significantly below the national median of $2,690. Property taxes in Lafayette are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lafayette’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 Lafayette 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
Lafayette, Macon County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$525
$487
Ownwell’s Lafayette Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lafayette with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Lafayette to predict your property tax bill. This valuable tool provides clarity on potential tax obligations. For those interested in more detailed trends at the neighborhood level, additional localized information is available. Your property’s assessed value is determined by Macon County for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Lafayette, Macon County, Tennessee
Property taxes in Lafayette, Tennessee, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lafayette is 0.60%, notably lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Lafayette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lafayette 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 Lafayette's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37083 zip code has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Lafayette provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lafayette Tax Rate
0.60%
Average Macon County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lafayette, Macon County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37083 | 0.60% | 0.60% | 0.60% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Lafayette, Macon County, Tennessee
In Lafayette, 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 Macon 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 Lafayette, 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 Lafayette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $587 in the 37083 zip code, while the lowest median tax bill is also $587 in the same zip code.
Property Tax Assessment Values Across Lafayette, Macon County, Tennessee
Source: Ownwell
$27,550
$57,525
$87,500
Average Lafayette Assessed Value
$87,500
Average Macon County Assessed Value
$73,400
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lafayette, Macon County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37083 | $20,720 | $48,200 | $87,500 | $132,850 | $197,400 |
Source: Ownwell
Property Tax Bills Across Lafayette, Macon County, Tennessee
In Lafayette, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Macon County see their property taxes determined by multiplying the assessed value by the local tax rate. The median home price in Lafayette is $87,500, which provides a benchmark for understanding typical tax obligations in the area. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. For instance, the tax bill for the 25th percentile is $310, while it rises to $871 for the 75th percentile and peaks at $1,275 for the 90th percentile. These variations highlight how different property characteristics can lead to significant differences in tax bills. Compared to the national median property tax rate of 0.99%, Lafayette's tax rates offer a unique perspective on how local policies impact homeowners. Understanding these factors helps residents anticipate their financial responsibilities and plan accordingly.
Average Lafayette Tax Bill
$587
Average Macon County Tax Bill
$483
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lafayette, Macon County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37083 | $127 | $310 | $587 | $871 | $1,275 |
Source: Ownwell