Georgetown, Tennessee Property Taxes
The median property tax rate in Georgetown, TN is 0.45%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Georgetown at $140,200, the typical annual property tax bill amounts to $627, which is well below the national median of $2,690. Property taxes in Georgetown are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Georgetown's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Georgetown 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
Georgetown, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$631
Ownwell’s Georgetown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Georgetown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Georgetown 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 Georgetown, Tennessee
Property taxes in Georgetown, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Georgetown is 0.45%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Georgetown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Georgetown 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 Georgetown's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37336 zip code has the highest median property tax rate of 0.45%, while the same 37336 zip code also has the lowest median tax rate of 0.45%. Understanding how these cities compare with Georgetown provides valuable insights into the varying tax landscape across Bradley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Georgetown Tax Rate
0.45%
Average Bradley County Tax Rate
0.45%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Georgetown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37336 | 0.44% | 0.44% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Georgetown, Tennessee
In Georgetown, 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 Bradley 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. 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. In Georgetown, the median home price is $140,200, with property tax bills ranging from $162 at the 25th percentile to $1,625 at the 90th percentile. The highest and lowest median tax bills both stand at $627 in the 37336 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 Georgetown Assessed Value
$140,200
Average Bradley County Assessed Value
$153,100
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Georgetown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37336 | $11,260 | $36,000 | $140,200 | $244,500 | $362,160 |
Source: Ownwell
Property Tax Bills Across Georgetown, Tennessee
In Georgetown, located in Bradley County, TN, property tax bills are calculated based on the assessed value of a home. This assessed value is a percentage of the property's market value. Once the assessed value is determined, the local tax rate, known as the millage rate, is applied. For homeowners in Georgetown, the median home price is $140,200. Property tax bills can vary widely, with the 25th percentile tax bill at $162 and the 75th percentile at $1,098. At the 90th percentile, homeowners might see a tax bill as high as $1,625. These figures indicate a significant range, reflecting the diverse property values and tax rates within the area. The highest and lowest median tax bills in Bradley County are both $627, specifically in the 37336 zip code. Compared to the national median property tax rate of 0.99%, Georgetown's property tax rates can have a substantial impact on homeowners, influencing their overall housing costs and financial planning.
Average Georgetown Tax Bill
$627
Average Bradley County Tax Bill
$797
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Georgetown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37336 | $50 | $162 | $627 | $1,098 | $1,625 |
Source: Ownwell