Lake County, Tennessee Property Taxes

Name: Property Tax Bills Across Lake County, Tennessee
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Lake County effective property tax rate: 1.30%, significantly higher than the national median of 1.02%. Median Lake County home value: $51,000. Median annual Lake County tax bill: $585, $1,815 lower than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

Property taxes in Lake County 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 your county's property tax system, exemptions, and reduction opportunities can lead to significant savings. Whether you live in Tiptonville or another part of Lake County, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Lake County, Tennessee Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.3%

Estimate Property Tax Bill

$663

$615

Ownwell’s Lake County Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake County with just two data points. By entering your property's estimated assessed value, our calculator applies Lake County’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a more precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Lake County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lake County, Tennessee

Local government entities determine tax rates, which can differ significantly within a state. Annually, each county calculates its necessary budget to provide essential services and divides it by the total value of all taxable property within its jurisdiction. This process results in the property tax rate. Although votes and legislation play a role in setting these rates and budgets, this is the core of the annual procedure.

Lake County's effective property tax rate is 1.30%, which is above the national median of 1.02%. Within the county, the highest median tax rate is 1.33% in Tiptonville, while the lowest is 1.30% in Ridgely. These variations highlight how local needs and property values influence tax rates. Comparing Lake County's rate to the national median provides insight into how it aligns with broader trends. Understanding these differences can be beneficial for property owners looking to manage their tax liabilities effectively.

Property Tax Rates Across Lake County, Tennessee

Source: Ownwell

1.30%

1.31%

1.33%

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 Lake County Tax Rate

1.30%

Median Effective Tennessee Tax Rate

0.64%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lake County, Tennessee

City	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
Ridgely	0.83%	1.29%	1.30%	1.30%	1.30%
Tiptonville	0.83%	0.83%	1.33%	1.33%	1.33%

Source: Ownwell

Property Tax Assessment Values Across Lake County, Tennessee

When examining property taxes in Lake County, 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 Lake County Assessor 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. Assessment notices: In Lake 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 Lake County. For example, the median tax bill in Lake County is $600, with tax bills ranging significantly across the county. Tiptonville has the highest median home price at $51,250.

Property Tax Assessment Values Across Lake County, Tennessee

Source: Ownwell

$50,600

$50,925

$51,250

Median Lake County Market Value

$51,000

Median Tennessee Market Value

$173,500

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lake County, Tennessee

City	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
Ridgely	$21,800	$34,100	$50,600	$75,100	$126,500
Tiptonville	$18,330	$31,625	$51,250	$77,100	$121,510

Source: Ownwell

Property Tax Bills Across Lake County, Tennessee

In Lake County, Tennessee, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Homeowners in Lake County experience a range of tax bills. For instance, those at the 25th percentile pay around $355, while those at the 75th percentile face bills of approximately $890. At the 90th percentile, tax bills can reach up to $1,341. These figures are notably lower than the national median property tax bill of $2,400, making Lake County an attractive option for homeowners seeking lower property taxes. The highest median tax bill in the county is found in Ridgely at $600, while Tiptonville offers the lowest at $574. These variations highlight the influence of location within the county on property tax obligations. Understanding these factors can help homeowners better anticipate their financial responsibilities related to property ownership.

Property Tax Bills Across Lake County, Tennessee

Source: Ownwell

$574

$587

$600

Median Lake County Tax Bill

$585

Median Tennessee Tax Bill

$1,206

Median United States Tax Bill

$2,400

Property Tax Bills Across Lake County, Tennessee

City	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
Ridgely	$241	$402	$600	$917	$1,394
Tiptonville	$199	$335	$574	$866	$1,330

Source: Ownwell