Rate Breakdown

Property taxes in Lincoln County are calculated by multiplying the assessed value (minus exemptions) by the total local millage rate.

How Property Tax Works in Lincoln County

Property tax in Lincoln County, Tennessee, is calculated based on the assessed value of your property. The assessment process involves determining the fair market value of your property, which is then multiplied by a millage rate to calculate your tax liability.

The millage rate, also known as the tax rate, is set annually by the Lincoln County Commission. The rate is usually expressed in mills per dollar of assessed value. For example, a tax rate of $3.50 per $100 of assessed value means that for every $100 of assessed value, you will pay $3.50 in taxes.

Here's a step-by-step breakdown of the property tax process in Lincoln County:

• Determine the fair market value of your property.
• Apply a percentage of the fair market value to determine the assessed value.
• Multiply the assessed value by the millage rate to calculate your tax liability.
• Pay your property taxes according to the payment schedule and deadlines.

Available Exemptions

In Tennessee, there are several property tax exemptions available to eligible homeowners. These exemptions can help reduce your tax liability or eliminate your property taxes altogether.

Here are some of the available exemptions:

• Homestead Exemption: A homestead exemption is available to homeowners who occupy their property as their primary residence. This exemption can reduce your tax liability by up to $25,000.
• Senior Citizen Exemption: Senior citizens who are 65 years or older and have lived in their property for at least one year may be eligible for a property tax exemption.
• Disability Exemption: Homeowners with a disability may be eligible for a property tax exemption.
• Veteran Exemption: Veterans who are 100% disabled or who have been awarded the Medal of Honor, Purple Heart, or the Tennessee Purple Heart may be eligible for a property tax exemption.

Eligibility requirements and application deadlines vary for each exemption. Contact the Lincoln County Assessor's Office for more information.

Payment Schedule & Deadlines

Property taxes in Lincoln County are usually due on November 30th of each year. However, you can choose to pay your taxes in installments, with the first payment due on November 30th and the second payment due on February 28th.

Here are some important payment deadlines to keep in mind:

• November 30th: First installment payment due.
• February 28th: Second installment payment due.
• April 30th: Penalty and interest will be applied to unpaid taxes.

Late payment consequences may include penalty fees, interest charges, and even foreclosure. Make sure to pay your property taxes on time to avoid these consequences.

Appealing Your Assessment

If you disagree with your property assessment, you may be able to appeal the decision. The appeals process in Lincoln County involves submitting an application to the Board of Equalization, which will review your appeal and make a determination.

Here are the steps to appeal your assessment:

• Submit an application to the Board of Equalization within 60 days of receiving your tax notice.
• Provide documentation to support your appeal, such as appraisal reports or comparable sales data.
• Attend a hearing with the Board of Equalization to present your case.
• Receive a decision from the Board of Equalization, which may result in a revised assessment or no change to your assessment.

Contact the Lincoln County Assessor's Office for more information on the appeals process and to obtain an application form.