Lenoir City, Roane County, Tennessee Property Taxes
The median property tax rate in Lenoir City, TN is 0.60%, which is lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With a median home value of $160,800 in Lenoir City, the typical annual property tax bill amounts to $965, significantly below the national median of $2,690. Property taxes in Lenoir City are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lenoir City'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 Lenoir City 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
Lenoir City, Roane County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$965
$895
Ownwell’s Lenoir City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lenoir City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lenoir City 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 Lenoir City, Roane County, Tennessee
Property taxes in Lenoir City, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lenoir City is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Lenoir City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lenoir City 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 Lenoir City's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37771 has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Lenoir City provides valuable insights into the varying tax landscape across Roane County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lenoir City Tax Rate
0.60%
Average Roane County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lenoir City, Roane County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37771 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Lenoir City, Roane County, Tennessee
In Lenoir City, 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 Roane 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 Lenoir City, 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 Lenoir City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lenoir City is $160,800, with tax bills varying significantly. The 25th percentile tax bill is $540, while the 75th percentile is $1,518, and the 90th percentile reaches $2,183. Interestingly, the highest and lowest median tax bills are both found in zip code 37771, amounting to $965.
Property Tax Assessment Values Across Lenoir City, Roane County, Tennessee
Source: Ownwell
$94,550
$154,675
$214,800
Average Lenoir City Assessed Value
$160,800
Average Roane County Assessed Value
$132,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lenoir City, Roane County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37771 | $46,940 | $90,000 | $160,800 | $252,900 | $363,720 |
Source: Ownwell
Property Tax Bills Across Lenoir City, Roane County, Tennessee
Property tax bills in Lenoir City, located in Roane County, TN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the market value of the home, which is determined by the local assessor's office. In Lenoir City, the median home price is $160,800. Homeowners in the 25th percentile can expect a tax bill around $540, while those in the 75th percentile might see bills closer to $1,518. For the top 10% of taxpayers, property tax bills can reach up to $2,183. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Homeowners in Lenoir City, where the median tax bill is $965, benefit from relatively lower property tax rates compared to the national median property tax rate of 0.99%. This can be advantageous for residents, making homeownership more affordable while still contributing to community services.
Average Lenoir City Tax Bill
$965
Average Roane County Tax Bill
$896
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lenoir City, Roane County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37771 | $281 | $540 | $965 | $1,518 | $2,183 |
Source: Ownwell