Lawrenceburg, Wayne County, Tennessee Property Taxes
The median property tax rate in Lawrenceburg, TN is 0.48%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Lawrenceburg at $105,600, the typical annual property tax bill is $506, well below the national median of $2,690. Property taxes in Lawrenceburg 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 Lawrenceburg'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 Lawrenceburg 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
Lawrenceburg, Wayne County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$507
$470
Ownwell’s Lawrenceburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lawrenceburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lawrenceburg 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 Lawrenceburg, Wayne County, Tennessee
Property taxes in Lawrenceburg, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lawrenceburg is 0.48%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Lawrenceburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lawrenceburg 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 Lawrenceburg's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38464 zip code has the highest median property tax rate of 0.48%, while the 38464 zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Lawrenceburg provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lawrenceburg Tax Rate
0.48%
Average Wayne County Tax Rate
0.48%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lawrenceburg, Wayne County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38464 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Lawrenceburg, Wayne County, Tennessee
In Lawrenceburg, 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 Lawrence County Assessor's Office 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 Lawrenceburg, 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. The median home price in Lawrenceburg is $105,600, with tax bills ranging from $172 at the 25th percentile to $1,249 at the 90th percentile. The zip code 38464 holds both the highest and lowest median tax bills at $506. By understanding 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 Lawrenceburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lawrenceburg, Wayne County, Tennessee
Source: Ownwell
$82,800
$108,400
$134,000
Average Lawrenceburg Assessed Value
$105,600
Average Wayne County Assessed Value
$98,950
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lawrenceburg, Wayne County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38464 | $18,720 | $35,700 | $105,600 | $190,300 | $260,640 |
Source: Ownwell
Property Tax Bills Across Lawrenceburg, Wayne County, Tennessee
In Lawrenceburg, TN, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. With a median home price of $105,600, homeowners in Lawrenceburg can expect tax bills that vary widely. The 25th percentile tax bill is around $172, while the 75th percentile reaches $912, and the 90th percentile is $1249. This variation is influenced by factors such as property location, improvements, and local tax rates. The property tax rate in Lawrenceburg is influenced by the county's needs for public services like schools, infrastructure, and emergency services. Homeowners in Lawrenceburg pay a median property tax bill of $506, which is significantly lower than the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable but also reflects the funding available for local services. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Lawrenceburg Tax Bill
$506
Average Wayne County Tax Bill
$475
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lawrenceburg, Wayne County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38464 | $90 | $172 | $506 | $912 | $1,249 |
Source: Ownwell