Lutts, Tennessee Property Taxes
The median property tax rate in Lutts, 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 Lutts, the typical annual property tax bill is $486, far below the national median of $2,690. Property taxes in Lutts 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 Lutts' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lutts or another part of Wayne County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lutts, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$485
Ownwell’s Lutts Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lutts with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lutts 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 Lutts, Tennessee
Property taxes in Lutts, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lutts is 0.48%, significantly lower than the U.S. national median of 0.99%. Local government entities within Lutts set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lutts 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 Lutts' effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38471 has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these areas compare with Lutts 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 Lutts 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 Lutts, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38471 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Lutts, Tennessee
In Lutts, 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 Wayne County Assessor 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 Lutts, 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. For example, the highest median tax bill in the area is $486 in the 38471 zip code, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lutts Assessed Value
$101,050
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 Lutts, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38471 | $26,820 | $52,075 | $101,050 | $175,325 | $299,780 |
Source: Ownwell
Property Tax Bills Across Lutts, Tennessee
In Lutts, located in Wayne County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the total tax bill. Factors that influence the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. For homeowners in Lutts, the median home price is $101,050. Property tax bills can vary significantly, with the 25th percentile tax bill at $250 and the 75th percentile reaching $842. The highest median tax bill in the area is $486, which is consistent across the zip code 38471. These property tax rates can affect homeowners by influencing their overall cost of homeownership and potentially impacting their financial planning. Compared to the national median property tax rate of 0.99%, Lutts offers relatively affordable property taxes, which can be a significant advantage for current and prospective homeowners in the area.
Average Lutts Tax Bill
$486
Average Wayne County Tax Bill
$475
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Lutts, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38471 | $128 | $250 | $486 | $842 | $1,439 |
Source: Ownwell