Carthage, Tennessee Property Taxes
The median property tax rate in Carthage, TN is 0.56%, which is notably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Carthage at $212,100, the typical annual property tax bill amounts to $1,192, significantly below the national median of $2,690. Property taxes in Carthage are determined based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Carthage'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 Carthage 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
Carthage, 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 Carthage Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carthage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carthage 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 Carthage, Tennessee
Property taxes in Carthage, Tennessee, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Carthage is 0.56%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Carthage set these rates annually, and they can vary across different neighborhoods. Each year, Carthage 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 Carthage's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37030 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 rates compare with Carthage provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carthage Tax Rate
0.56%
Average Jackson County Tax Rate
0.56%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carthage, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37030 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Carthage, Tennessee
In Carthage, 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 local 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 Carthage, 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 Carthage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 37030 has the highest and lowest median tax bill, both at $1,192, highlighting a consistent tax environment within the area.
Average Carthage Assessed Value
$212,100
Average Jackson County Assessed Value
$100,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carthage, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37030 | $134,580 | $158,400 | $212,100 | $259,100 | $336,740 |
Source: Ownwell
Property Tax Bills Across Carthage, Tennessee
In Carthage, 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 final tax bill. Various factors influence the assessed value, including the property's location, size, and condition. For homeowners in Carthage, the median home price is $212,100. Tax bills can vary significantly, with the 25th percentile tax bill at $890, the 75th percentile at $1,457, and the 90th percentile reaching up to $1,893. Compared to the national median property tax rate of 0.99%, Carthage's property tax rates can be relatively moderate, depending on the specific property. Homeowners should be aware of these factors as they directly impact their annual financial obligations. Understanding how these elements interplay can help in better financial planning and potentially appealing an assessed value if it seems disproportionately high.
Average Carthage Tax Bill
$1,192
Average Jackson County Tax Bill
$548
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Carthage, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37030 | $756 | $890 | $1,192 | $1,457 | $1,893 |
Source: Ownwell