Lakeland, Fayette County, Tennessee Property Taxes
Median Lakeland, TN effective property tax rate: 0.32%, significantly lower than the national median of 1.02%, but lower than the Tennessee state median of 0.64%.
Median Lakeland, TN home value: $443,450
Median annual Lakeland, TN tax bill: $1,432, $968 lower than the national median property tax bill of $2,400.
How are property taxes in Fayette calculated?
Property taxes in Lakeland, TN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Lakeland’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lakeland, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Lakeland, Fayette County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.32%
Estimate Property Tax Bill
$1,419
$1,317
Property Tax Rates Across Lakeland, Fayette County, Tennessee
Local government entities are responsible for setting tax rates, and these can differ significantly within a state. This variation occurs because each county, like Fayette County, estimates its annual budget to fund essential services and divides this by the total value of all taxable properties within its borders. This calculation determines the property tax rate for the year. Although the process involves votes and legal stipulations, this is the core of how property taxes are set annually.
In Lakeland, located in Fayette County, Tennessee, the effective property tax rate can be compared to other cities in Tennessee and the national median. With a median property tax rate of 0.32%, Lakeland offers a more favorable tax environment compared to the national median rate of 1.02%. This lower rate can result in significant savings for homeowners in Lakeland, especially when compared to the national median property tax bill of $2400. Understanding these differences can help property owners make informed decisions about their investments and potential savings on property taxes.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Lakeland Tax Rate
0.32%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Fayette County Tax Rate
0.32%
Median Effective Tennessee Tax Rate
0.64%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lakeland, Fayette County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38002 | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
Source: Ownwell
Property Tax Assessment Values Across Lakeland, Fayette County, Tennessee
When examining property taxes in Lakeland, TN, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Fayette County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Fayette County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lakeland.
For example, the median home price in Lakeland is $443,450, with tax bills ranging significantly across the county. Zip code 38002 has the highest median home price at $443,450.
Property Tax Assessment Values Across Lakeland, Fayette County, Tennessee
Source: Ownwell
$51,800
$247,625
$443,450
Median Lakeland Market Value
$443,450
Median Fayette County Market Value
$164,200
Median Tennessee Market Value
$173,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Lakeland, Fayette County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38002 | $81,390 | $363,650 | $443,450 | $899,700 | $1,255,360 |
Source: Ownwell
Property Tax Bills Across Lakeland, Fayette County, Tennessee
Median Lakeland Tax Bill
$1,432
Median Fayette County Tax Bill
$616
Median Tennessee Tax Bill
$1,206
Median United States Tax Bill
$2,400
Property Tax Bills Across Lakeland, Fayette County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38002 | $263 | $1,174 | $1,432 | $2,905 | $4,053 |
Source: Ownwell