Russellville, Tennessee Property Taxes
The median property tax rate in Russellville, TN is 0.49%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Russellville at $115,800, the typical annual property tax bill is $578, which is well below the national median of $2,690. Property taxes in Russellville are calculated based on the assessed value, which tends to be lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Russellville'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 Russellville or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Russellville, 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 Russellville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Russellville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Russellville 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 Russellville, Tennessee
Property taxes in Russellville, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Russellville is 0.49%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Russellville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Russellville 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 Russellville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37860 zip code has the highest median property tax rate of 0.49%, while the 37860 zip code also has the lowest median tax rate of 0.49%. Understanding how these cities compare with Russellville provides valuable insights into the varying tax landscape across Hamblen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Russellville Tax Rate
0.49%
Average Hamblen County Tax Rate
0.49%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russellville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37860 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Russellville, Tennessee
In Russellville, 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 Hamblen 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 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 Russellville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Russellville, the zip code with both the highest and lowest median tax bill is 37860, with a median tax bill of $578.
Average Russellville Assessed Value
$115,800
Average Hamblen County Assessed Value
$105,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Russellville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37860 | $21,800 | $50,800 | $115,800 | $159,000 | $211,900 |
Source: Ownwell
Property Tax Bills Across Russellville, Tennessee
In Russellville, Hamblen County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. For instance, with a median home price of $115,800, the assessed value is used to calculate the tax bill. Several factors influence the tax bill, including the property's location, size, and improvements. Homeowners in Russellville see a range of tax bills. For the 25th percentile, the tax bill is around $250, while the 75th percentile sees tax bills of about $785. At the 90th percentile, it can go up to $1,048. Compared to the national median property tax rate of 0.99%, Russellville's tax rates can be considered relatively moderate. The highest and lowest median tax bills in the area both stand at $578 in the zip code 37860. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Russellville Tax Bill
$578
Average Hamblen County Tax Bill
$619
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Russellville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37860 | $108 | $250 | $578 | $785 | $1,048 |
Source: Ownwell