Lavinia, Tennessee Property Taxes
The median property tax rate in Lavinia, TN is 0.47%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Lavinia at $20,700, the typical annual property tax bill is $97, well below the national median of $2,690. Property taxes in Lavinia 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 Lavinia'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 Lavinia 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
Lavinia, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Lavinia Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lavinia with just two simple data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lavinia to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities with ease. For those interested in observing trends on a neighborhood level, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Lavinia, Tennessee
Property taxes in Lavinia, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lavinia is 0.47%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Lavinia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lavinia 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 Lavinia's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38348 zip code has both the highest and lowest median property tax rate of 0.47%. Understanding how these cities compare with Lavinia provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lavinia Tax Rate
0.47%
Average Madison County Tax Rate
0.87%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lavinia, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38348 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Lavinia, Tennessee
In Lavinia, 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 local 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 Lavinia, 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 Lavinia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The 25th percentile of tax bills in Lavinia is around $94, while the 75th percentile reaches up to $123, and the 90th percentile goes as high as $139.
Average Lavinia Assessed Value
$20,700
Average Madison County Assessed Value
$135,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lavinia, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38348 | $19,580 | $20,000 | $20,700 | $26,250 | $29,580 |
Source: Ownwell
Property Tax Bills Across Lavinia, Tennessee
In Lavinia, Madison County, TN, property tax bills are calculated based on the assessed value of a home, which represents a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Lavinia, the median home price stands at $20,700, with tax bills varying significantly across different percentiles. At the 25th percentile, homeowners can expect a tax bill around $94, while those in the 75th percentile might see bills closer to $123. For the higher end, at the 90th percentile, tax bills can reach up to $139. These variations are influenced by factors such as property location, size, and market conditions. Compared to the national median property tax rate of 0.99%, Lavinia's relatively low home prices result in more manageable tax bills for residents. However, even slight changes in assessed values or tax rates can significantly impact homeowners' financial planning and overall cost of living.
Average Lavinia Tax Bill
$97
Average Madison County Tax Bill
$848
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lavinia, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38348 | $91 | $94 | $97 | $123 | $139 |
Source: Ownwell