Estill Springs, Tennessee Property Taxes
The median property tax rate in Estill Springs, 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 Estill Springs at $210,300, the typical annual property tax bill amounts to $1,110, well below the national median of $2,690. Property taxes in Estill Springs are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Estill 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 Estill 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
Estill 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 Estill Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Estill Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Estill 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 Estill Springs, Tennessee
Property taxes in Estill 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 Estill Springs is 0.47%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Estill Springs set these rates annually, and they can vary across different neighborhoods. Each year, Estill 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 Estill Springs' effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37330 has both the highest and lowest median property tax rate of 0.47%, the same as Estill Springs. Understanding how these cities compare with Estill Springs 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 Estill Springs 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 Estill Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37330 | 0.47% | 0.47% | 0.47% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Estill Springs, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Estill Springs, Tennessee. The market value represents 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 Assessor of Property 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 Estill 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. In Estill Springs, the highest median tax bill is $1,110 in the zip code 37330, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Estill Springs, Tennessee
Source: Ownwell
$105,300
$279,250
$453,200
Average Estill Springs Assessed Value
$210,300
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 Estill Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37330 | $78,070 | $147,900 | $210,300 | $314,850 | $586,810 |
Source: Ownwell
Property Tax Bills Across Estill Springs, Tennessee
Property tax bills in Estill Springs, located in Franklin County, TN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county's property assessor. This assessed value is then multiplied by the tax rate set by local taxing authorities to determine the annual tax bill. For homeowners in Estill Springs, the median home price is $210,300. Property tax bills can vary significantly, with the 25th percentile tax bill at $776 and the 75th percentile tax bill at $1,610. At the higher end, the 90th percentile tax bill reaches $2,923. These figures illustrate the range of tax burdens homeowners might face, depending on their property's assessed value and specific circumstances. Comparatively, the national median property tax rate is 0.99%, showing that local tax rates and home values play a crucial role in determining the final tax bill.
Average Estill Springs Tax Bill
$1,110
Average Franklin County Tax Bill
$1,112
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Estill Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37330 | $395 | $776 | $1,110 | $1,610 | $2,923 |
Source: Ownwell