diff --git a/lib/annotate_rb/model_annotator/model_wrapper.rb b/lib/annotate_rb/model_annotator/model_wrapper.rb
index 73ad4831..c2d2dab7 100644
--- a/lib/annotate_rb/model_annotator/model_wrapper.rb
+++ b/lib/annotate_rb/model_annotator/model_wrapper.rb
@@ -68,8 +68,20 @@ def has_table_comments?
           connection.table_comment(@klass.table_name).present?
       end
 
+      # Returns column defaults for annotations.
+      #
+      # `Model#column_defaults` reflects `attribute :foo, default: X` overrides,
+      # which would incorrectly show the Ruby-side default in annotations
+      # instead of the DB schema default. To preserve model-level decorations
+      # such as `TimeZoneConverter` on datetime columns, we start from
+      # `column_defaults` and only substitute the DB schema value when a
+      # difference indicates an attribute-level override.
       def column_defaults
-        @klass.column_defaults
+        @column_defaults ||= @klass.column_defaults.each_with_object({}) do |(name, value), result|
+          column = @klass.columns_hash[name]
+          schema_value = schema_default_for(column)
+          result[name] = (value == schema_value) ? value : schema_value
+        end
       end
 
       # Add columns managed by the globalize gem if this gem is being used.
@@ -263,6 +275,26 @@ def migration_version
 
         @options.get_state(cache_key)
       end
+
+      private
+
+      def schema_default_for(column)
+        return nil if column.nil? || column.default.nil? || column.default_function
+        cast_type_for(column).deserialize(column.default)
+      end
+
+      # Rails post-8.1 exposes `Column#cast_type` directly; Rails 8.1 introduced
+      # the transitional `Column#fetch_cast_type(connection)`; older versions
+      # required `connection.lookup_cast_type_from_column(column)`.
+      def cast_type_for(column)
+        if column.respond_to?(:cast_type)
+          column.cast_type
+        elsif column.respond_to?(:fetch_cast_type)
+          column.fetch_cast_type(connection)
+        else
+          connection.lookup_cast_type_from_column(column)
+        end
+      end
     end
   end
 end
diff --git a/spec/lib/annotate_rb/model_annotator/model_wrapper_spec.rb b/spec/lib/annotate_rb/model_annotator/model_wrapper_spec.rb
index 59c40de3..df73e1c0 100644
--- a/spec/lib/annotate_rb/model_annotator/model_wrapper_spec.rb
+++ b/spec/lib/annotate_rb/model_annotator/model_wrapper_spec.rb
@@ -27,6 +27,53 @@
     end
   end
 
+  describe "#column_defaults" do
+    subject { described_class.new(klass, AnnotateRb::Options.new).column_defaults }
+
+    let(:klass) do
+      mock_class(:users, :id, [id_column, count_column, name_column])
+    end
+    let(:id_column) { mock_column("id", :integer) }
+    let(:count_column) { mock_column("count", :integer, default: 0) }
+    let(:name_column) { mock_column("name", :string, default: "guest") }
+
+    it "returns defaults matching the DB schema" do
+      is_expected.to eq("id" => nil, "count" => 0, "name" => "guest")
+    end
+
+    context "when the model overrides defaults via `attribute :foo, default: X`" do
+      before do
+        # `Model#column_defaults` is affected by attribute overrides. We detect
+        # the mismatch against the schema and fall back to the DB schema value.
+        allow(klass).to receive(:column_defaults).and_return(
+          "id" => nil, "count" => 999, "name" => "overridden"
+        )
+      end
+
+      it "returns the DB schema defaults, not the attribute overrides" do
+        is_expected.to eq("id" => nil, "count" => 0, "name" => "guest")
+      end
+    end
+
+    context "when a column has a default function" do
+      let(:name_column) do
+        mock_column("name", :string, default: "gen_random_uuid()", default_function: "gen_random_uuid()")
+      end
+
+      before do
+        # Rails would populate `column_defaults` with `nil` for default_function
+        # columns; simulate that so schema comparison succeeds.
+        allow(klass).to receive(:column_defaults).and_return(
+          "id" => nil, "count" => 0, "name" => nil
+        )
+      end
+
+      it "returns nil for that column" do
+        expect(subject["name"]).to be_nil
+      end
+    end
+  end
+
   describe "#max_schema_info_width" do
     subject { described_class.new(*args).max_schema_info_width }
 
diff --git a/spec/support/annotate_test_helpers.rb b/spec/support/annotate_test_helpers.rb
index c086de01..dc896839 100644
--- a/spec/support/annotate_test_helpers.rb
+++ b/spec/support/annotate_test_helpers.rb
@@ -39,12 +39,16 @@ def mock_foreign_key(name, from_column, to_table, to_column = "id", constraints
   end
 
   def mock_connection(indexes = [], foreign_keys = [], check_constraints = [], options = {})
+    identity_type = double("IdentityCastType")
+    allow(identity_type).to receive(:deserialize) { |v| v }
+
     double_options = {
       indexes: indexes,
       check_constraints: check_constraints,
       foreign_keys: foreign_keys,
       supports_foreign_keys?: true,
-      supports_check_constraints?: true
+      supports_check_constraints?: true,
+      lookup_cast_type_from_column: identity_type
     }.merge(options)
 
     double("Conn", double_options)
@@ -67,6 +71,7 @@ def mock_class(table_name, primary_key, columns, indexes = [], foreign_keys = []
       primary_key: primary_key,
       column_names: columns.map { |col| col.name.to_s },
       columns: columns,
+      columns_hash: columns.each_with_object({}) { |col, hash| hash[col.name.to_s] = col },
       column_defaults: columns.map { |col| [col.name, col.default] }.to_h,
       table_name_prefix: ""
     }
@@ -82,6 +87,7 @@ def mock_class_with_custom_connection(table_name, primary_key, columns, connecti
       primary_key: primary_key,
       column_names: columns.map { |col| col.name.to_s },
       columns: columns,
+      columns_hash: columns.each_with_object({}) { |col, hash| hash[col.name.to_s] = col },
       column_defaults: columns.map { |col| [col.name, col.default] }.to_h,
       table_name_prefix: ""
     }
@@ -94,6 +100,7 @@ def mock_column(name, type, options = {})
       limit: nil,
       null: false,
       default: nil,
+      default_function: nil,
       sql_type: type
     }