Lithonia, Tennessee Property Taxes
The median property tax rate in Lithonia, TN, is 0.63%, 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 $25,200 in Lithonia, the typical annual property tax bill amounts to $158, significantly less than the national median of $2,690. Property taxes in Lithonia are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lithonia'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 Lithonia or another part of Polk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lithonia, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$159
Ownwell’s Lithonia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lithonia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lithonia 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 Lithonia, Tennessee
Property taxes in Lithonia, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lithonia is 0.63%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Lithonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lithonia 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 Lithonia's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 30038 zip code has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Lithonia provides valuable insights into the varying tax landscape across Polk, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lithonia Tax Rate
0.63%
Average Polk County Tax Rate
0.63%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lithonia, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30038 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Lithonia, Tennessee
In Lithonia, 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 Polk 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. Assessment notices in Lithonia 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 Lithonia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 30038 has the highest and lowest median tax bill, both at $158.
Average Lithonia Assessed Value
$25,200
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 Lithonia, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30038 | $25,200 | $25,200 | $25,200 | $25,200 | $25,200 |
Source: Ownwell
Property Tax Bills Across Lithonia, Tennessee
In Lithonia, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. For example, if the median home price in Lithonia is $25,200, the tax bill is then calculated by applying the local property tax rate to this assessed value. Factors such as property improvements, location, and market trends can influence the assessed value. Homeowners in Lithonia can expect a median property tax bill of $158, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax bill can be beneficial for homeowners, making it more affordable to own property in the area. However, it's essential to stay informed about any changes in property tax rates or assessed values, as these can impact the overall cost of homeownership.
Average Lithonia Tax Bill
$158
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lithonia, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30038 | $158 | $158 | $158 | $158 | $158 |
Source: Ownwell