Normandy, Tennessee Property Taxes
The median property tax rate in Normandy, TN is 0.58%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Normandy at $227,900, the typical annual property tax bill is $1,329, which is below the national median of $2,690. Property taxes in Normandy are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Normandy'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 Normandy 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
Normandy, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$1,322
Ownwell’s Normandy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Normandy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Normandy 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 Normandy, Tennessee
Property taxes in Normandy, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Normandy is 0.58%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Normandy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Normandy 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 Normandy's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37360 zip code has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Normandy 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 Normandy 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 Normandy, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37360 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Normandy, Tennessee
In Normandy, 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 Normandy, 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Normandy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Normandy's highest median tax bill is found in zip code 37360, amounting to $1329.
Average Normandy Assessed Value
$227,900
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 Normandy, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37360 | $100,600 | $137,500 | $227,900 | $330,750 | $420,900 |
Source: Ownwell
Property Tax Bills Across Normandy, Tennessee
In Normandy, located in Bedford County, TN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and represents a percentage of the market value of your property. This assessed value is then multiplied by the local tax rate to calculate your annual property tax bill. For homeowners in Normandy, the median home price stands at $227,900. Property tax bills can vary significantly, with the 25th percentile at $799, the 75th percentile at $1922, and the 90th percentile reaching up to $2447. These figures indicate a range of tax burdens that homeowners might experience, influenced by factors such as property size, location, and market conditions. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax rates. Homeowners in Normandy should be aware of these factors as they directly impact their annual financial obligations and the overall affordability of owning property in the area.
Average Normandy Tax Bill
$1,329
Average Bedford County Tax Bill
$1,283
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Normandy, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37360 | $585 | $799 | $1,329 | $1,922 | $2,447 |
Source: Ownwell