Fayetteville, Tennessee Property Taxes
The median property tax rate in Fayetteville, TN is 0.60%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $175,000 in Fayetteville, the typical annual property tax bill is $996, significantly below the national median of $2,690. Property taxes in Fayetteville 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 Fayetteville'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 Fayetteville 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
Fayetteville, 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 Fayetteville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fayetteville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fayetteville 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 Fayetteville, Tennessee
Property taxes in Fayetteville, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fayetteville is 0.60%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Fayetteville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fayetteville 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 Fayetteville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37334 zip code has the highest median property tax rate of 0.60%, while the 37334 zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Fayetteville provides valuable insights into the varying tax landscape across Moore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fayetteville Tax Rate
0.60%
Average Moore County Tax Rate
0.61%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fayetteville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37334 | 0.59% | 0.60% | 0.60% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Fayetteville, Tennessee
In Fayetteville, 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 Fayetteville, 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 Fayetteville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fayetteville is $175,000, with tax bills ranging from $620 at the 25th percentile to $2,186 at the 90th percentile. The zip code 37334 has both the highest and lowest median tax bill, which is $996.
Property Tax Assessment Values Across Fayetteville, Tennessee
Source: Ownwell
$134,800
$187,700
$240,600
Average Fayetteville Assessed Value
$175,000
Average Moore County Assessed Value
$174,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fayetteville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37334 | $80,720 | $114,050 | $175,000 | $258,400 | $364,880 |
Source: Ownwell
Property Tax Bills Across Fayetteville, Tennessee
In Fayetteville, Lincoln County, TN, property tax bills are calculated based on the assessed value of a property. This assessed value is typically a percentage of the market value, determined by local tax assessors. Homeowners in Fayetteville can expect their tax bills to vary significantly depending on their property's assessed value. For instance, the median home price in the area is $175,000. Tax bills in Fayetteville range widely, with the 25th percentile at $620 and the 75th percentile at $1,464. The highest median tax bill recorded in the area is $996, found in the 37334 zip code. These numbers reflect how property taxes can significantly impact homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, Fayetteville’s property tax rates offer a varied landscape for residents. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Fayetteville Tax Bill
$996
Average Moore County Tax Bill
$1,024
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayetteville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37334 | $261 | $620 | $996 | $1,464 | $2,186 |
Source: Ownwell