Bethel Springs, Tennessee Property Taxes
The median property tax rate in Bethel Springs, TN is 0.62%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Bethel Springs at $76,250, the typical annual property tax bill comes to $466, significantly below the national median of $2,690. Property taxes in Bethel Springs 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 Bethel Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Bethel Springs 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
Bethel Springs, 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 Bethel Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bethel Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bethel Springs 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 Bethel Springs, Tennessee
Property taxes in Bethel Springs, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bethel Springs is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Bethel Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bethel Springs 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 Bethel Springs' effective property tax rate to other areas in Chester County and the national median. For comparison, the zip code 38315 has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these areas compare with Bethel Springs provides valuable insights into the varying tax landscape across Chester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bethel Springs Tax Rate
0.62%
Average Chester County Tax Rate
0.62%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bethel Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38315 | 0.41% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Bethel Springs, Tennessee
In Bethel Springs, 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 local 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 Bethel Springs, 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 Bethel Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Chester County, the median home price is $76,250. The tax bill for the 25th percentile is $275, while the 75th percentile tax bill is $770, and the 90th percentile tax bill is $1,225. The zip code with both the highest and lowest median tax bill is 38315, with a value of $466.
Property Tax Assessment Values Across Bethel Springs, Tennessee
Source: Ownwell
$62,900
$102,850
$142,800
Average Bethel Springs Assessed Value
$76,250
Average Chester County Assessed Value
$125,450
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bethel Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38315 | $18,840 | $44,250 | $76,250 | $132,925 | $262,260 |
Source: Ownwell
Property Tax Bills Across Bethel Springs, Tennessee
In Bethel Springs, Chester County, TN, property tax bills are calculated based on the assessed value of a home, which is derived from a percentage of its market value. The local tax rate, often referred to as the millage rate, is then applied to this assessed value to determine the annual tax bill. Factors such as the home's size, location, and condition can influence its market value and, consequently, its assessed value. For homeowners in Bethel Springs, the tax bill can vary significantly. The 25th percentile tax bill is around $275, while the 75th percentile reaches $770, and the 90th percentile can go up to $1,225. The median home price in the area is $76,250, and the median tax bill stands at $466, which is lower than the national median property tax rate of 0.99%. This lower tax burden can be beneficial for homeowners, making Bethel Springs an attractive place for property investment. However, understanding these factors is crucial for effective financial planning and property management.
Average Bethel Springs Tax Bill
$466
Average Chester County Tax Bill
$763
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Bethel Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38315 | $118 | $275 | $466 | $770 | $1,225 |
Source: Ownwell