Old Lyme, Tennessee Property Taxes
The median property tax rate in Old Lyme, TN is 0.63%, slightly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Old Lyme at $435,300, the typical annual property tax bill reaches $2,734, which is just below the national median of $2,690. Property taxes in Old Lyme 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 Old Lyme'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 Old Lyme 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
Old Lyme, 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 Old Lyme Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Old Lyme with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Old Lyme 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 Old Lyme, Tennessee
Property taxes in Old Lyme, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Old Lyme 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 Old Lyme set these rates annually, and they can vary significantly across different neighborhoods. Each year, Old Lyme 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 Old Lyme's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 06371 zip code has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Old Lyme 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 Old Lyme 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 Old Lyme, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06371 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Old Lyme, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Old Lyme, Tennessee. The market value represents 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 local authorities 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 Old Lyme, 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. For instance, the median home price in Old Lyme is $435,300, and the median tax bill stands at $2,734, which is consistent across the 25th, 75th, and 90th percentiles. Both the highest and lowest median tax bills are also $2,734, found in zip code 06371. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Old Lyme Assessed Value
$435,300
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 Old Lyme, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06371 | $435,300 | $435,300 | $435,300 | $435,300 | $435,300 |
Source: Ownwell
Property Tax Bills Across Old Lyme, Tennessee
In Old Lyme, property tax bills are calculated based on the assessed value of a homeowner's property. The local tax assessor determines this value, which is typically a percentage of the property's market value. For instance, if the median home price in Old Lyme is $435,300, the assessed value will be a fraction of this amount, depending on local assessment rates. The tax rate is then applied to the assessed value to calculate the annual tax bill. Several factors influence the property tax bill in Old Lyme, including the property's location, size, and condition. Moreover, any improvements or renovations can increase the assessed value, leading to a higher tax bill. The median property tax rate in Old Lyme is significantly higher than the national median of 0.99%, with the typical tax bill being $2,734. This can place a considerable financial burden on homeowners, making it essential for them to understand how their tax bills are determined and explore potential exemptions or appeals to reduce their obligations.
Average Old Lyme Tax Bill
$2,734
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Old Lyme, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06371 | $2,734 | $2,734 | $2,734 | $2,734 | $2,734 |
Source: Ownwell