Altamont, Tennessee Property Taxes
The median property tax rate in Altamont, TN is 0.58%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $78,850 in Altamont, the typical annual property tax bill amounts to $464, well below the national median of $2,690. Property taxes in Altamont are calculated based on the assessed value, which generally falls below market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Altamont'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 Altamont or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Altamont, 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 Altamont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Altamont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Altamont 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 Altamont, Tennessee
Property taxes in Altamont, Tennessee, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Altamont is 0.58%, significantly lower than the U.S. national median of 0.99%. Local government entities within Altamont set these rates annually, and they can vary across different neighborhoods. Each year, Altamont 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 Altamont's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37301 in Grundy County has both the highest and lowest median property tax rate of 0.58%. Understanding how these areas compare with Altamont provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Altamont Tax Rate
0.58%
Average Grundy County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Altamont, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37301 | 0.52% | 0.53% | 0.58% | 0.60% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Altamont, Tennessee
In Altamont, 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 Grundy 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. Assessment notices in Altamont 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. For instance, the median home price in Altamont is $78,850, with tax bills ranging significantly. The 25th percentile tax bill is $204, while the 75th percentile tax bill is $798, and the 90th percentile tax bill reaches $1,273. The highest and lowest median tax bills both stand at $464 in the 37301 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Altamont Assessed Value
$78,850
Average Grundy County Assessed Value
$82,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Altamont, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37301 | $21,530 | $38,425 | $78,850 | $136,600 | $214,840 |
Source: Ownwell
Property Tax Bills Across Altamont, Tennessee
In Altamont, Grundy County, TN, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. For homeowners in Altamont, the median home price is $78,850. Property tax bills can vary significantly. At the 25th percentile, homeowners might pay around $204 annually, while those at the 75th percentile could see bills as high as $798. For the top 10% of properties, tax bills can reach up to $1,273. Notably, the highest and lowest median tax bills in the area are both $464, indicating a level of consistency within certain neighborhoods. These property tax bills can significantly impact homeowners' budgets, making it vital to understand how they are calculated and what factors might influence fluctuations in the annual amount owed.
Average Altamont Tax Bill
$464
Average Grundy County Tax Bill
$512
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Altamont, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37301 | $113 | $204 | $464 | $798 | $1,273 |
Source: Ownwell