Lynn Haven, Tennessee Property Taxes
The median property tax rate in Lynn Haven, 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 in Lynn Haven of $18,600, the typical annual property tax bill amounts to $117, significantly less than the national median of $2,690. Property taxes in Lynn Haven are calculated based on the tax assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Lynn Haven's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Lynn Haven or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lynn Haven, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$117
$109
Ownwell’s Lynn Haven Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes with ease. By simply inputting your property's estimated assessed value, the calculator uses the median tax rate for Lynn Haven to provide an accurate estimate of your property tax bill. This valuable tool allows you to understand potential tax liabilities upfront. For those interested in more granular data, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value, determined by Polk County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Lynn Haven, Tennessee
Property taxes in Lynn Haven, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynn Haven is 0.63%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Lynn Haven set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynn Haven 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 Lynn Haven's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 32444 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 Lynn Haven 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 Lynn Haven 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 Lynn Haven, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32444 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Lynn Haven, Tennessee
In Lynn Haven, 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. In Lynn Haven, 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 Lynn Haven helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 32444 at $117, which is also the lowest median tax bill in the area, highlighting the uniformity in tax assessments.
Average Lynn Haven Assessed Value
$18,600
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 Lynn Haven, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32444 | $18,600 | $18,600 | $18,600 | $18,600 | $18,600 |
Source: Ownwell
Property Tax Bills Across Lynn Haven, Tennessee
In Lynn Haven, TN, property tax bills are calculated based on the assessed value of the property. This assessed value is a percentage of the property's market value, which local tax authorities determine periodically. The tax rate, or millage rate, is then applied to the assessed value to calculate the annual tax bill. Several factors influence the assessed value, including property size, location, and market conditions. For instance, in Lynn Haven, the median home price is $18,600. The tax bills in this area are relatively low, with the 25th, 75th, and 90th percentiles all at $117, significantly below the national median property tax rate of 0.99%. For homeowners, understanding these factors is crucial as they directly impact the amount owed annually. Lower property tax rates can make homeownership more affordable and may attract new residents to the area. Conversely, any changes in the assessed value or tax rate can affect the overall financial burden on homeowners.
Average Lynn Haven Tax Bill
$117
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynn Haven, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32444 | $117 | $117 | $117 | $117 | $117 |
Source: Ownwell