Lilburn, Tennessee Property Taxes
The median property tax rate in Lilburn, TN is 0.62%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Lilburn, the typical annual property tax bill comes to $12, significantly below the national median of $2,690. Property taxes in Lilburn are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lilburn'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 Lilburn 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
Lilburn, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$12
$11
Ownwell’s Lilburn Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lilburn with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Lilburn to project your property tax bill. This valuable tool provides clarity on potential tax liabilities. For those interested in neighborhood-level trends, 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 Lilburn, Tennessee
Property taxes in Lilburn, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lilburn is 0.62%, lower than the U.S. national median of 0.99%. Local government entities within Lilburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lilburn 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 Lilburn's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 30047 zip code has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Lilburn provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lilburn Tax Rate
0.62%
Average Polk County Tax Rate
0.63%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lilburn, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30047 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Lilburn, Tennessee
In Lilburn, 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 Lilburn, 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 Lilburn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lilburn is $1,950. The annual property tax bill ranges significantly, with the 25th percentile at $10, the 75th percentile at $14, and the 90th percentile at $15. This variance highlights the importance of understanding property tax assessments and exploring potential exemptions or protests to manage your tax obligations effectively.
Average Lilburn Assessed Value
$1,950
Average Polk County Assessed Value
$48,850
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lilburn, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30047 | $1,430 | $1,625 | $1,950 | $2,275 | $2,470 |
Source: Ownwell
Property Tax Bills Across Lilburn, Tennessee
In Lilburn, Polk County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor and is a percentage of the market value of the property. Factors such as the size of the property, location, and any improvements made can affect the assessed value. Once the assessed value is established, the local tax rate is applied to determine the annual property tax bill. For homeowners in Lilburn, the property tax bill can vary significantly. For instance, at the 25th percentile, the tax bill is around $10, while at the 75th percentile, it rises to approximately $14. The 90th percentile sees tax bills reaching up to $15. These figures indicate that property taxes in Lilburn are relatively low compared to the national median property tax rate of 0.99%. Understanding how property tax bills are calculated helps homeowners anticipate their annual expenses and plan their finances accordingly. It's essential for homeowners to stay informed about changes in property assessments and tax rates to manage their budgets effectively.
Average Lilburn Tax Bill
$12
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lilburn, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30047 | $9 | $10 | $12 | $14 | $15 |
Source: Ownwell