Gibson, Tennessee Property Taxes
The median property tax rate in Gibson, TN is 1.02%, slightly above the national median of 0.99% and significantly higher than Tennessee's state median of 0.64%. With the median home value in Gibson at $58,600, the typical annual property tax bill amounts to $598, which is below the national median of $2,690. Property taxes in Gibson are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Gibson's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Gibson or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gibson, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$598
Ownwell’s Gibson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gibson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gibson 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 Gibson, Tennessee
Property taxes in Gibson, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gibson is 1.02%, higher than the U.S. national median of 0.99%. Local government entities within Gibson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gibson 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 Gibson's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38338 zip code has both the highest and lowest median property tax rate of 1.02%. Understanding how these cities compare with Gibson provides valuable insights into the varying tax landscape across Gibson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gibson Tax Rate
1.02%
Average Gibson County Tax Rate
0.76%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gibson, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38338 | 1.02% | 1.02% | 1.02% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Gibson, Tennessee
In Gibson, 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 local 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 Gibson, 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 Gibson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 38338, at $598, while the same zip code also has the lowest median tax bill.
Average Gibson Assessed Value
$58,600
Average Gibson County Assessed Value
$77,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gibson, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38338 | $23,500 | $45,600 | $58,600 | $71,150 | $90,860 |
Source: Ownwell
Property Tax Bills Across Gibson, Tennessee
In Gibson, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, if the median home price is $58,600, the assessed value would be a fraction of this amount, determined by local assessment ratios. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the tax bill, including the home's location, size, and market conditions. Homeowners in Gibson can expect tax bills to vary significantly. For example, 25th percentile tax bills are around $465, while those in the 75th percentile reach approximately $725. At the 90th percentile, tax bills can go up to $927. Comparatively, Gibson's property tax rates are lower than the national median property tax rate of 0.99%, making it a relatively affordable area for homeowners. Understanding these factors helps homeowners anticipate their annual expenses and plan accordingly.
Average Gibson Tax Bill
$598
Average Gibson County Tax Bill
$563
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Gibson, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38338 | $232 | $465 | $598 | $725 | $927 |
Source: Ownwell