Lynchburg, Tennessee Property Taxes
The median property tax rate in Lynchburg, TN is 0.61%, notably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Lynchburg at $165,800, the typical annual property tax bill amounts to $977, which is significantly below the national median of $2,690. Property taxes in Lynchburg are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lynchburg's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lynchburg or another part of Moore County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lynchburg, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,011
Ownwell’s Lynchburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynchburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynchburg 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 Lynchburg, Tennessee
Property taxes in Lynchburg, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynchburg is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Lynchburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynchburg 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 Lynchburg's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37352 zip code has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these numbers compare with Lynchburg 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 Lynchburg Tax Rate
0.61%
Average Moore County Tax Rate
0.61%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynchburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37352 | 0.60% | 0.60% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Lynchburg, Tennessee
In Lynchburg, 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 Moore 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 Lynchburg, 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 Lynchburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 37352 has both the highest and lowest median tax bills at $977, compared to the national median property tax rate of 0.99%.
Average Lynchburg Assessed Value
$165,800
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 Lynchburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37352 | $68,680 | $112,950 | $165,800 | $286,350 | $455,880 |
Source: Ownwell
Property Tax Bills Across Lynchburg, Tennessee
In Lynchburg, Moore County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For example, with a median home price of $165,800, the assessed value is determined by applying the local assessment ratio. This assessed value is then multiplied by the property tax rate to calculate the annual tax bill. Various factors influence the tax bill, including property location, improvements, and exemptions. Homeowners in Lynchburg can expect tax bills that vary significantly. The 25th percentile tax bill is around $646, while those in the 75th percentile can see bills as high as $1,714. For the top 10% of property values, tax bills can reach up to $2,777. These figures show how property taxes can impact homeowners differently based on their property's assessed value. Compared to the national median property tax rate of 0.99%, Lynchburg's property tax rates offer a nuanced perspective on local tax burdens.
Average Lynchburg Tax Bill
$977
Average Moore County Tax Bill
$1,024
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynchburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37352 | $286 | $646 | $977 | $1,714 | $2,777 |
Source: Ownwell