Lewisburg, Tennessee Property Taxes
The median property tax rate in Lewisburg, TN is 0.69%, slightly higher than the state median of 0.64% but lower than the national median of 0.99%. With a median home value of $185,800, the typical annual property tax bill in Lewisburg is around $1,099, which is less than the national median of $2,690. Property taxes in Lewisburg are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Lewisburg'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 Lewisburg or another part of Marshall County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lewisburg, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$1,282
Ownwell’s Lewisburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lewisburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lewisburg 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 Lewisburg, Tennessee
Property taxes in Lewisburg, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lewisburg is 0.69%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Lewisburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lewisburg 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 Lewisburg's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37091 zip code has the highest median property tax rate of 0.69%, while the 37091 zip code also has the lowest median tax rate of 0.69%. Understanding how these areas compare with Lewisburg provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lewisburg Tax Rate
0.69%
Average Marshall County Tax Rate
0.45%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lewisburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37091 | 0.45% | 0.45% | 0.69% | 0.78% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Lewisburg, Tennessee
In Lewisburg, 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 Marshall 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 Lewisburg, 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 Lewisburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1099, found in the 37091 zip code.
Average Lewisburg Assessed Value
$185,800
Average Marshall County Assessed Value
$204,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lewisburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37091 | $71,700 | $120,700 | $185,800 | $265,000 | $387,700 |
Source: Ownwell
Property Tax Bills Across Lewisburg, Tennessee
In Lewisburg, TN, located in Marshall County, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For homeowners, the median home price stands at $185,800. The local tax rate is applied to the assessed value to determine the annual tax bill. Factors such as the property's location, improvements, and market trends play a significant role in determining the assessed value. Homeowners in Lewisburg can expect tax bills that vary significantly. For instance, the 25th percentile tax bill is around $733, while those in the 75th percentile pay approximately $1,563. The 90th percentile sees tax bills reaching up to $2,134. This wide range reflects the diversity in property values and assessments within the area. Compared to the national median property tax rate of 0.99%, Lewisburg's tax rates offer a competitive landscape for homeowners, impacting their annual financial planning and overall cost of homeownership.
Average Lewisburg Tax Bill
$1,099
Average Marshall County Tax Bill
$1,145
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lewisburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37091 | $430 | $733 | $1,099 | $1,563 | $2,134 |
Source: Ownwell