Coalmont, Tennessee Property Taxes
The median property tax rate in Coalmont, TN is 0.59%, which is considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $90,700 in Coalmont, the typical annual property tax bill amounts to $547, significantly below the national median of $2,690. Property taxes in Coalmont are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Coalmont'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 Coalmont or another part of the city, knowledge of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Coalmont, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$535
Ownwell’s Coalmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coalmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coalmont 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 Coalmont, Tennessee
Property taxes in Coalmont, Tennessee, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Coalmont is 0.59%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Coalmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coalmont 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 Coalmont's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37313 zip code has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these cities compare with Coalmont 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 Coalmont Tax Rate
0.59%
Average Grundy County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coalmont, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37313 | 0.52% | 0.54% | 0.59% | 0.60% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Coalmont, Tennessee
In Coalmont, 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. In Coalmont, 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 Coalmont is $90,700, with tax bills ranging from $294 at the 25th percentile to $1,417 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Coalmont Assessed Value
$90,700
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 Coalmont, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37313 | $25,240 | $53,500 | $90,700 | $148,500 | $239,740 |
Source: Ownwell
Property Tax Bills Across Coalmont, Tennessee
In Coalmont, TN, within Grundy County, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For a median home price of $90,700, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $294, while those in the 75th percentile face a tax bill of approximately $873. At the higher end, the 90th percentile sees tax bills reaching up to $1,417. The property tax bill is determined by multiplying the assessed value of the property by the local tax rate. Factors such as property improvements, neighborhood developments, and overall market conditions can influence the assessed value. This variability means that homeowners in Coalmont experience different financial impacts based on their property's assessed value and the applicable tax rate. Compared to the national median property tax rate of 0.99%, Coalmont's figures highlight the range of tax burdens that local homeowners might face, emphasizing the importance of understanding how these taxes are calculated and their potential effects on household budgets.
Average Coalmont Tax Bill
$547
Average Grundy County Tax Bill
$512
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Coalmont, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37313 | $131 | $294 | $547 | $873 | $1,417 |
Source: Ownwell