New Tazewell, Tennessee Property Taxes
The median property tax rate in New Tazewell, TN is 0.58%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $112,800 in New Tazewell, the typical annual property tax bill amounts to $677, well below the national median of $2,690. Property taxes in New Tazewell are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding New Tazewell'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 New Tazewell or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Tazewell, 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 New Tazewell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Tazewell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Tazewell 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 New Tazewell, Tennessee
Property taxes in New Tazewell, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Tazewell is 0.58%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within New Tazewell set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Tazewell 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 New Tazewell's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37825 zip code has both the highest and lowest median property tax rate of 0.58%, highlighting the uniformity within the region. Understanding how these cities compare with New Tazewell provides valuable insights into the varying tax landscape across Claiborne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Tazewell Tax Rate
0.58%
Average Claiborne County Tax Rate
0.58%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Tazewell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37825 | 0.57% | 0.57% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across New Tazewell, Tennessee
In New Tazewell, 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 Claiborne County Assessor 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 New Tazewell, 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. The median home price here is $112,800, with tax bills ranging from $363 at the 25th percentile to $1,818 at the 90th percentile. The zip code with the highest and lowest median tax bill is 37825, both at $677. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Tazewell Assessed Value
$112,800
Average Claiborne County Assessed Value
$114,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Tazewell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37825 | $15,840 | $59,200 | $112,800 | $186,200 | $303,920 |
Source: Ownwell
Property Tax Bills Across New Tazewell, Tennessee
Property tax bills in New Tazewell, located in Claiborne County, TN, are calculated based on the assessed value of a property, which is typically a percentage of its market value. For homeowners in this region, the median home price stands at $112,800. The tax rate is applied to the assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. In New Tazewell, the median property tax bill is $677. Homeowners at the 25th percentile of the tax range pay around $363, while those at the 75th percentile pay approximately $1,098. At the 90th percentile, the tax bill can reach up to $1,818. Compared to the national median property tax rate of 0.99%, homeowners in New Tazewell benefit from relatively lower property tax bills. This can make homeownership more affordable and attractive, although the exact impact varies based on individual property assessments and local tax policies.
Average New Tazewell Tax Bill
$677
Average Claiborne County Tax Bill
$680
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across New Tazewell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37825 | $106 | $363 | $677 | $1,098 | $1,818 |
Source: Ownwell