Lancaster, Tennessee Property Taxes
The median property tax rate in Lancaster, TN is 0.43%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Lancaster, the typical annual property tax bill is $568, well below the national median of $2,690. Property taxes in Lancaster 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 Lancaster'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 Lancaster 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
Lancaster, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$563
$523
Ownwell’s Lancaster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lancaster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lancaster 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 Lancaster, Tennessee
Property taxes in Lancaster, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lancaster is 0.43%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Lancaster set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lancaster 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 Lancaster's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38569 zip code has both the highest and lowest median property tax rate of 0.43%. Understanding how these cities compare with Lancaster provides valuable insights into the varying tax landscape across Smith County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lancaster Tax Rate
0.43%
Average Smith County Tax Rate
0.43%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lancaster, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38569 | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
Source: Ownwell
Property Tax Assessment Values Across Lancaster, Tennessee
In Lancaster, 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 Smith 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 Lancaster, 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. The median home price in Lancaster is $131,000, with tax bills ranging from $304 at the 25th percentile to $1151 at the 90th percentile. The zip code 38569 has the highest median tax bill at $568. Being aware of these valuation processes in Lancaster helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lancaster Assessed Value
$131,000
Average Smith County Assessed Value
$164,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lancaster, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38569 | $22,860 | $70,100 | $131,000 | $199,300 | $265,540 |
Source: Ownwell
Property Tax Bills Across Lancaster, Tennessee
In Lancaster, Smith County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Lancaster is $131,000. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and any improvements made to the home can influence the assessed value. For homeowners, understanding these factors is crucial, as they directly impact the property tax bill. In Lancaster, the tax bills vary significantly, with the 25th percentile at $304 and the 75th percentile at $864. The 90th percentile reaches up to $1,151. Comparatively, the national median property tax rate is 0.99%, making Lancaster's tax landscape relatively moderate. Homeowners in Lancaster should be aware of these variables, as they can help in planning and managing annual expenses, ensuring no surprises when the tax bill arrives.
Average Lancaster Tax Bill
$568
Average Smith County Tax Bill
$769
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lancaster, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38569 | $99 | $304 | $568 | $864 | $1,151 |
Source: Ownwell