Lake County, Tennessee Property Tax
Lake County, Tennessee, has an average property tax rate of 0.72%, which is lower than the state average of 0.68%.
Written by Laura Salvas
Reviewed by Melanie Reiff
Lake County, Tennessee, has an average property tax rate of 0.72%, meaning the typical Lake County homeowner pays $468.00 in property tax annually. Tennessee’s median property tax rate is one of the lowest in the country.
Paying property tax is part and parcel of being a homeowner, but that doesn’t mean it’s always straightforward. If you’re new to paying property tax in Lake County, you may be wondering how it’s calculated or even how to pay your bill.
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Property tax 101
If you like having a bit of context for the bills you pay, here’s what you need to know about property tax:
- Property tax is collected by your local government and used to fund community services and public works such as hospitals, schools, and fire services.
- Property tax is charged on “real property,” which are properties that cannot be moved, such as land, homes, and buildings.
- Your property taxes are determined by a local tax assessor and are based on the local tax rate and market values.
- Fluctuating market conditions and local budgets can cause property taxes to change frequently.
Property taxes are paid by those who have invested in a community by buying a home.
What is the property tax rate in Lake County?
The average property tax rate in Lake County, Tennessee, is 0.72%, which is just slightly higher than the state average of 0.68%. The average Lake County homeowner pays $468.00 in property tax.
How Lake County property taxes are determined
The Trustee
determines your property tax, basing this decision on the property tax assessments provided by the Assessor and the property tax rate set by the County Commission. The assessed value multiplied by the tax rate equals your property tax. A property’s value is determined by the
Assessor’s Office
and takes into account everything from the property size and location, to the number of bedrooms, to the building materials used. Anything that helps determine a property’s worth is taken into consideration.Every four, five, or six years, all properties in the county go through revaluation. In the years leading up to revaluation, assessors visually inspect each property in the county to check for any changes or improvements that could impact its value.
The revaluation is based on the market value as of January 1 of the revaluation year. A Change Notice is then sent out with the property’s new assessed value.
If you disagree with the new assessed value, you can file an appeal. This process begins with an informal hearing. If the outcome is not satisfactory, you can then appear before the County Board of Equalization and, failing that, appeal to the
State Board
in front of a judge. What do Lake County property taxes pay for?
Property tax collected by your local government is invested in public services that may include:
- Schools
- Libraries
- Firefighters
- Law enforcement
- Safety measures
- Roadways
- Sewage treatment
- Cities
- Hospitals
- Other public works meant to serve the community
How to pay property taxes in Lake County
Property tax bills are sent out in September and October. They are due from the first Monday in October to the last day of February. Taxes become delinquent if unpaid by March 1. There are a few different ways to pay your property taxes in Lake County, but online is preferred.
- Pay online through theTennessee Trustee websiteby e-check, debit, or any major credit card. All payments are subject to a service fee.
- To create a monthly payment plan, call the Trustee's office at 731-253-7502.
- Mail your payment to the address listed on your property tax bill.
- Pay in person by visiting the Trustee's office at: 229 Church Street in Tiptonville. Monday to Friday between 8:00 am and 4:00 pm.
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What if I pay my Lake County property tax late?
Beginning March 1, any unpaid amounts will be subject to 1.5% interest per month.
What if I notice a mistake on my Tennessee property assessment?
If you make a mistake, you have until September 1 in the following tax year to submit an amended return. If you notice the Assessor made a mistake, notify the Assessor’s office by March 1 of the following tax year.
Will I still have to pay property tax if my house gets leveled by a tornado?
Your property tax will be prorated, and you will only need to pay property tax for the months your house was usable, such as the months following when the house was built or the months preceding when it was demolished.
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