Prospect, Tennessee Property Taxes
The median property tax rate in Prospect, TN is 0.50%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $146,450 in Prospect, the typical annual property tax bill is about $748, well below the national median of $2,690. Property taxes in Prospect are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Prospect'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 Prospect or another part of Giles County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prospect, 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 Prospect Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Prospect with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prospect 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 Prospect, Tennessee
Property taxes in Prospect, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prospect is 0.50%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Prospect set these rates annually, and they can vary across different neighborhoods. Each year, Prospect 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 Prospect's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 38477 has both the highest and lowest median property tax rate of 0.50%. Understanding how these areas compare with Prospect provides valuable insights into the varying tax landscape across Giles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prospect Tax Rate
0.50%
Average Giles County Tax Rate
0.50%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prospect, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38477 | 0.50% | 0.50% | 0.50% | 0.50% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Prospect, Tennessee
In Prospect, 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 Giles 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 Prospect, 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. The median home price in Prospect is $146,450, with tax bills ranging from $467 at the 25th percentile to $1,730 at the 90th percentile. The highest and lowest median tax bill, both $748, are found in zip code 38477. Being aware of these valuation processes in Prospect helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Prospect Assessed Value
$146,450
Average Giles County Assessed Value
$155,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prospect, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38477 | $50,300 | $92,250 | $146,450 | $235,850 | $345,940 |
Source: Ownwell
Property Tax Bills Across Prospect, Tennessee
In Prospect, Giles County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate is applied to this assessed value to determine the final tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Prospect, the median home price is $146,450, with tax bills varying significantly. The 25th percentile tax bill is $467, while the 75th percentile rises to $1,209. At the 90th percentile, homeowners can expect to pay around $1,730. Compared to the national median property tax rate of 0.99%, these figures reflect the local economic conditions and property values. Understanding these factors helps homeowners anticipate their financial obligations and manage their budgets more effectively.
Average Prospect Tax Bill
$748
Average Giles County Tax Bill
$838
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Prospect, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38477 | $251 | $467 | $748 | $1,209 | $1,730 |
Source: Ownwell