Bulls Gap, Tennessee Property Taxes
The median property tax rate in Bulls Gap, TN is 0.58%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $63,700 in Bulls Gap, the typical annual property tax bill is $394, significantly below the national median of $2,690. Property taxes in Bulls Gap are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bulls Gap's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Bulls Gap or another part of Hawkins County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bulls Gap, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$369
Ownwell’s Bulls Gap Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Bulls Gap. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Bulls Gap to provide a precise estimate of your property tax bill. This valuable tool offers a clear understanding of your potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed insights, including trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value, determined by Hawkins County, is crucial for these calculations and considers any applicable exemptions.
Property Tax Rates Across Bulls Gap, Tennessee
Property taxes in Bulls Gap, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bulls Gap is 0.58%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Bulls Gap set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bulls Gap 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 Bulls Gap's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37711 zip code has the highest median property tax rate of 0.58%, while the same 37711 zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Bulls Gap provides valuable insights into the varying tax landscape across Hawkins County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bulls Gap Tax Rate
0.58%
Average Hawkins County Tax Rate
0.58%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bulls Gap, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37711 | 0.58% | 0.58% | 0.58% | 0.60% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Bulls Gap, Tennessee
In Bulls Gap, 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 Hawkins County Assessor 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 Bulls Gap, 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 Bulls Gap helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Bulls Gap is $394.00 in the zip code 37711, which is also the lowest median tax bill.
Average Bulls Gap Assessed Value
$63,700
Average Hawkins County Assessed Value
$69,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bulls Gap, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37711 | $10,490 | $21,900 | $63,700 | $121,550 | $172,610 |
Source: Ownwell
Property Tax Bills Across Bulls Gap, Tennessee
In Bulls Gap, located in Hawkins County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Various factors influence the assessed value, including property size, location, and market conditions. For homeowners, this means that their tax bill can vary significantly depending on these factors. For example, in Bulls Gap, the median home price is $63,700. Tax bills can range widely, with the 25th percentile at $136 and the 75th percentile reaching $752. The 90th percentile sees tax bills as high as $1,085. Comparatively, the highest and lowest median tax bills in the area are both $394, which is considerably lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable, though it also means less revenue for local services and infrastructure.
Average Bulls Gap Tax Bill
$394
Average Hawkins County Tax Bill
$448
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Bulls Gap, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37711 | $66 | $136 | $394 | $752 | $1,085 |
Source: Ownwell