Belvidere, Tennessee Property Taxes
The median property tax rate in Belvidere, TN is 0.47%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Belvidere at $189,850, the typical annual property tax bill comes to $886, which is well below the national median of $2,690. Property taxes in Belvidere 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 Belvidere'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 Belvidere or another part of Franklin County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Belvidere, 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 Belvidere Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belvidere with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belvidere 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 Franklin County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Belvidere, Tennessee
Property taxes in Belvidere, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belvidere is 0.47%, which is below the U.S. national median of 0.99%. Local government entities within Belvidere set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belvidere 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 Belvidere's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37306 zip code has both the highest and lowest median property tax rate of 0.47%. Understanding how these areas compare with Belvidere provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belvidere Tax Rate
0.47%
Average Franklin County Tax Rate
0.47%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belvidere, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37306 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Belvidere, Tennessee
In Belvidere, 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 Franklin 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 Belvidere, 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 Belvidere helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $886 in the 37306 zip code, and the lowest median tax bill is also $886 in the same zip code.
Average Belvidere Assessed Value
$189,850
Average Franklin County Assessed Value
$205,400
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belvidere, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37306 | $50,870 | $109,775 | $189,850 | $291,725 | $454,630 |
Source: Ownwell
Property Tax Bills Across Belvidere, Tennessee
In Belvidere, located in Franklin County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Factors such as property size, location, and improvements can influence this valuation. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. Homeowners in Belvidere experience a range of tax bills. For instance, the 25th percentile of tax bills is $502, while the 75th percentile reaches $1361, and the 90th percentile is $2131. These figures illustrate the variation in tax obligations based on property values and assessments. Comparing these to the national median property tax rate of 0.99%, Belvidere's property tax rates can significantly affect homeowners' annual expenses. Understanding how these taxes are calculated can help homeowners better manage their finances and anticipate their annual tax responsibilities.
Average Belvidere Tax Bill
$886
Average Franklin County Tax Bill
$1,112
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Belvidere, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37306 | $230 | $502 | $886 | $1,361 | $2,131 |
Source: Ownwell