Parrottsville, Tennessee Property Taxes
The median property tax rate in Parrottsville, TN is 0.64%, aligning with the Tennessee state median but notably lower than the national median of 0.99%. With the median home value in Parrottsville at $115,400, the typical annual property tax bill comes to $693, significantly below the national median of $2,690. Property taxes in Parrottsville are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Parrottsville'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 Parrottsville or another part of Cocke County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Parrottsville, 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 Parrottsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parrottsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parrottsville 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 Parrottsville, Tennessee
Property taxes in Parrottsville, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parrottsville is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Parrottsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parrottsville 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 Parrottsville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37843 has both the highest and lowest median property tax rate of 0.64%. Understanding how these cities compare with Parrottsville provides valuable insights into the varying tax landscape across Cocke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parrottsville Tax Rate
0.64%
Average Cocke County Tax Rate
0.64%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parrottsville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37843 | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Parrottsville, Tennessee
In Parrottsville, 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 Cocke 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 Parrottsville, 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 Parrottsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $693, found in the 37843 zip code.
Property Tax Assessment Values Across Parrottsville, Tennessee
Source: Ownwell
$89,300
$151,550
$213,800
Average Parrottsville Assessed Value
$115,400
Average Cocke County Assessed Value
$94,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parrottsville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37843 | $33,100 | $63,750 | $115,400 | $169,025 | $241,900 |
Source: Ownwell
Property Tax Bills Across Parrottsville, Tennessee
In Parrottsville, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For homeowners in Cocke County, the median home price stands at $115,400. The property tax rate in this region is determined by local tax authorities and applied to the assessed value to arrive at the annual tax bill. Factors considered in determining the tax bill include the home's market value, any applicable exemptions, and the local tax rate. For instance, the 25th percentile tax bill is $322, while the 75th percentile tax bill is $1,058, and the 90th percentile tax bill reaches $1,539. This variation illustrates how different factors can influence the final amount owed. Compared to the national median property tax rate of 0.99%, homeowners in Parrottsville experience a range of tax bills that can significantly impact their financial planning. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Parrottsville Tax Bill
$693
Average Cocke County Tax Bill
$618
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Parrottsville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37843 | $114 | $322 | $693 | $1,058 | $1,539 |
Source: Ownwell