Beechgrove, Tennessee Property Taxes
The median property tax rate in Beechgrove, TN is 0.58%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Beechgrove at $481,000, the typical annual property tax bill reaches $2,855, slightly above the national median of $2,690. Property taxes in Beechgrove are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Beechgrove's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Beechgrove or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Beechgrove, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Beechgrove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Beechgrove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beechgrove to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Beechgrove, Tennessee
Property taxes in Beechgrove, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beechgrove is 0.58%, which is lower than the U.S. national median of 0.99%. Local government entities within Beechgrove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beechgrove estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Beechgrove's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37018 zip code has the highest median property tax rate of 0.58%, while the 37018 zip code also has the lowest median tax rate of 0.58%. Understanding how these areas compare with Beechgrove provides valuable insights into the varying tax landscape across Bedford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beechgrove Tax Rate
0.58%
Average Bedford County Tax Rate
0.58%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beechgrove, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37018 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Beechgrove, Tennessee
In Beechgrove, Tennessee, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Bedford County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Beechgrove, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price in Beechgrove is $481,000. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the highest median tax bill in the area is $2,855 in the 37018 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Beechgrove Assessed Value
$481,000
Average Bedford County Assessed Value
$173,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beechgrove, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37018 | $211,900 | $308,250 | $481,000 | $579,850 | $721,120 |
Source: Ownwell
Property Tax Bills Across Beechgrove, Tennessee
In Beechgrove, Bedford County, TN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the market value of the property. For instance, a home with a median price of $481,000 will have its assessed value set by these guidelines. Once the assessed value is established, the local tax rate is applied to calculate the property tax bill. Factors such as property location, home improvements, and changes in market conditions can influence the assessed value. In Beechgrove, the tax bills vary significantly; the 25th percentile tax bill is around $1,792, while the 75th percentile reaches $3,371, and the 90th percentile can go as high as $4,192. These property taxes directly impact homeowners, as they contribute to local services like schools, infrastructure, and emergency services. Understanding how these bills are calculated can help homeowners budget accordingly and potentially seek exemptions or appeals if they believe their property has been over-assessed.
Average Beechgrove Tax Bill
$2,855
Average Bedford County Tax Bill
$1,283
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Beechgrove, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37018 | $1,232 | $1,792 | $2,855 | $3,371 | $4,192 |
Source: Ownwell