Winchester, Tennessee Property Taxes
The median property tax rate in Winchester, TN is 0.63%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $236,600 in Winchester, the typical annual property tax bill amounts to $1,289, significantly below the national median of $2,690. Property taxes in Winchester are determined based on the assessed value, which is often less than the market value due to various exemptions, such as primary residence and agricultural exemptions. Gaining a thorough understanding of Winchester's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Winchester 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
Winchester, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,491
Ownwell’s Winchester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winchester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winchester 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 Winchester, Tennessee
Property taxes in Winchester, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winchester is 0.63%, lower than both the Tennessee state median of 0.71% and the U.S. national median of 0.99%. Local government entities within Winchester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winchester 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 Winchester's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37398 zip code has both the highest and the lowest median property tax rate of 0.63%. Understanding how these cities compare with Winchester 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 Winchester Tax Rate
0.63%
Average Franklin County Tax Rate
0.47%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winchester, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37398 | 0.47% | 0.47% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Winchester, Tennessee
In Winchester, 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 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 Winchester, 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 Winchester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Winchester are both $1289, found in the 37398 zip code.
Average Winchester Assessed Value
$236,600
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 Winchester, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37398 | $85,220 | $143,400 | $236,600 | $398,800 | $624,880 |
Source: Ownwell
Property Tax Bills Across Winchester, Tennessee
In Winchester, located in Franklin County, TN, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For example, the median home price in Winchester is $236,600, which provides a baseline for understanding property values in the area. Homeowners in Winchester experience a range of property tax bills, with the 25th percentile paying around $820, while those in the 75th percentile pay approximately $2,229. At the higher end, the 90th percentile sees tax bills of about $3,336. These property taxes significantly impact homeowners, as they are a recurring expense that must be budgeted for annually. Compared to the national median property tax rate of 0.99%, Winchester's tax rates offer a perspective on how local taxes can vary widely.
Average Winchester Tax Bill
$1,289
Average Franklin County Tax Bill
$1,112
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Winchester, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37398 | $493 | $820 | $1,289 | $2,229 | $3,336 |
Source: Ownwell