Graysville, Tennessee Property Taxes
The median property tax rate in Graysville, TN is 0.56%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Graysville at $144,400, the typical annual property tax bill amounts to $685, well below the national median of $2,690. Property taxes in Graysville are determined based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Graysville’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 Graysville or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Graysville, 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 Graysville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Graysville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Graysville 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 Graysville, Tennessee
Property taxes in Graysville, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Graysville is 0.56%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Graysville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Graysville 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 Graysville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37338 zip code has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Graysville provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Graysville Tax Rate
0.56%
Average Hamilton County Tax Rate
0.56%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Graysville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37338 | 0.39% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Graysville, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Graysville, Tennessee. 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 Hamilton 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. In Graysville, the median home price is $144,400, with tax bills ranging from $435 at the 25th percentile to $1,583 at the 90th percentile. The highest and lowest median tax bills are both $685 in the 37338 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 their tax burden.
Average Graysville Assessed Value
$144,400
Average Hamilton County Assessed Value
$194,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Graysville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37338 | $40,800 | $77,700 | $144,400 | $194,500 | $342,300 |
Source: Ownwell
Property Tax Bills Across Graysville, Tennessee
In Graysville, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Hamilton County, the median home price is $144,400. The property tax rate in this region is relatively low compared to the national median property tax rate of 0.99%. Several factors influence the tax bill, including the assessed value of the property, any applicable exemptions, and the specific tax rate set by local authorities. For example, homeowners in the 25th percentile of tax bills pay around $435 annually, while those in the 75th percentile pay about $1015. At the higher end, the 90th percentile sees tax bills reaching up to $1583. This range of tax bills significantly impacts homeowners, as it determines a substantial portion of their annual expenses. Understanding how these factors interplay can help residents better anticipate and manage their property tax obligations.
Average Graysville Tax Bill
$685
Average Hamilton County Tax Bill
$1,209
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Graysville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37338 | $228 | $435 | $685 | $1,015 | $1,583 |
Source: Ownwell