Limestone, Tennessee Property Taxes
The median property tax rate in Limestone, TN is 0.54%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $89,800 in Limestone, the typical annual property tax bill amounts to $490, well below the national median of $2,690. Property taxes in Limestone are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Limestone'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 Limestone or another part of Washington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Limestone, 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 Limestone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Limestone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Limestone 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 Limestone, Tennessee
Property taxes in Limestone, Tennessee, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Limestone is 0.54%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Limestone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Limestone 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 Limestone's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37681 zip code has both the highest and lowest median property tax rate of 0.54%. Understanding how these areas compare with Limestone provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Limestone Tax Rate
0.54%
Average Washington County Tax Rate
0.54%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Limestone, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37681 | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Limestone, Tennessee
In Limestone, 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 Washington 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 Limestone, 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 Limestone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $490.00 in zip code 37681, while the lowest median tax bill is also found in the same zip code at $490.00.
Average Limestone Assessed Value
$89,800
Average Washington County Assessed Value
$131,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Limestone, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37681 | $19,000 | $42,500 | $89,800 | $149,800 | $214,200 |
Source: Ownwell
Property Tax Bills Across Limestone, Tennessee
In Limestone, Tennessee, 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 typically a percentage of the property's market value. For instance, in Limestone, where the median home price is $89,800, the assessed value forms the basis for calculating the tax bill. Homeowners in Limestone can expect their property tax bills to vary significantly. At the 25th percentile, property tax bills are around $232, while at the 75th percentile, they can go up to $812. The top 10% of property tax bills reach approximately $1,158. These variations are influenced by factors such as property location, size, and improvements. The highest median tax bill in the area is $490, found in the 37681 zip code. Compared to the national median property tax rate of 0.99%, Limestone offers relatively affordable property taxes, which can be a significant advantage for homeowners looking to manage their living expenses effectively.
Average Limestone Tax Bill
$490
Average Washington County Tax Bill
$882
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Limestone, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37681 | $103 | $232 | $490 | $812 | $1,158 |
Source: Ownwell