Buena Vista, Tennessee Property Taxes
The median property tax rate in Buena Vista, TN is 0.68%, slightly higher than the state median of 0.64% but below the national median of 0.99%. With a median home value of $134,000, the typical annual property tax bill in Buena Vista is $914, which is significantly lower than the national median of $2,690. Property taxes in Buena Vista are calculated based on the assessed value, which generally falls below market value due to various exemptions like primary residence and agricultural exemptions. Understanding Buena Vista'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 Buena Vista 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
Buena Vista, 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 Buena Vista Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Buena Vista with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buena Vista 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 Buena Vista, Tennessee
Property taxes in Buena Vista, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buena Vista is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Buena Vista set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buena Vista 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 Buena Vista's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38318 has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Buena Vista provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buena Vista Tax Rate
0.68%
Average Benton County Tax Rate
0.68%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buena Vista, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38318 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Buena Vista, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Buena Vista, Tennessee. 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 Benton 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 Buena Vista, 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 Buena Vista helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Buena Vista is $134,000, with the highest and lowest median tax bills both being $914 in the 38318 zip code.
Average Buena Vista Assessed Value
$134,000
Average Benton County Assessed Value
$75,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buena Vista, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38318 | $121,440 | $126,150 | $134,000 | $138,850 | $141,760 |
Source: Ownwell
Property Tax Bills Across Buena Vista, Tennessee
In Buena Vista, property tax bills are calculated based on the assessed value of a home, which is determined by the Benton County Assessor's office. The assessed value is a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Buena Vista, the median home price is $134,000, with property tax bills ranging from $860 at the 25th percentile to $967 at the 90th percentile. The highest and lowest median tax bills in the area are both $914, indicating a relatively narrow range of property tax burdens within the zip code 38318. These property taxes fund essential public services such as schools, emergency services, and infrastructure maintenance, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Buena Vista's property taxes are competitive, providing homeowners with a balanced approach to funding community services while maintaining affordability.
Average Buena Vista Tax Bill
$914
Average Benton County Tax Bill
$569
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Buena Vista, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38318 | $828 | $860 | $914 | $947 | $967 |
Source: Ownwell