Old Fort, Tennessee Property Taxes
The median property tax rate in Old Fort, 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 Old Fort at $74,500, the typical annual property tax bill amounts to $334, well below the national median of $2,690. Property taxes in Old Fort are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Old Fort'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 Old Fort 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
Old Fort, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$335
Ownwell’s Old Fort Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Old Fort with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Old Fort 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 Old Fort, Tennessee
Property taxes in Old Fort, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Old Fort is 0.45%, significantly lower than both the Tennessee state median of 0.68% and the U.S. national median of 0.99%. Local government entities within Old Fort set these rates annually, and they can vary across different neighborhoods. Each year, Old Fort 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 Old Fort's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37362 has both the highest and lowest median property tax rate of 0.45%. Understanding how these cities compare with Old Fort 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 Old Fort 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 Old Fort, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37362 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Old Fort, Tennessee
In Old Fort, 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. In Old Fort, 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 Old Fort helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 37362, with a median tax bill of $334.
Average Old Fort Assessed Value
$74,500
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 Old Fort, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37362 | $23,000 | $36,200 | $74,500 | $170,400 | $253,800 |
Source: Ownwell
Property Tax Bills Across Old Fort, Tennessee
In Old Fort, TN, property tax bills are determined by assessing the property's market value and applying the local tax rate. The median home price in Old Fort is $74,500, and the tax rate in Bradley County plays a crucial role in calculating the final bill. Homeowners in Old Fort can expect their property tax bills to vary significantly, with the 25th percentile paying around $164 and the 75th percentile facing bills up to $754. The 90th percentile sees even higher bills, reaching $1,141. Several factors influence these variations, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, properties in the zip code 37362 have a median tax bill of $334, which can be considered when comparing to other areas. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly. Compared to the national median property tax rate of 0.99%, Old Fort's tax bills reflect the local economic conditions and property values, impacting how much residents contribute to community services and infrastructure.
Average Old Fort Tax Bill
$334
Average Bradley County Tax Bill
$797
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Old Fort, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37362 | $103 | $164 | $334 | $754 | $1,141 |
Source: Ownwell