Newport, Tennessee Property Taxes
The median property tax rate in Newport, TN is 0.55%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $97,600 in Newport, the typical annual property tax bill is $534, which is well below the national median of $2,690. Property taxes in Newport are based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Newport'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 Newport 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
Newport, 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 Newport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newport 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 Newport, Tennessee
Property taxes in Newport, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newport is 0.55%, which is below the U.S. national median of 0.99%. Local government entities within Newport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newport 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 Newport's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37821 zip code has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these cities compare with Newport provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newport Tax Rate
0.55%
Average Jefferson County Tax Rate
0.55%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newport, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37821 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Newport, Tennessee
In Newport, 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 Newport, 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. Newport's median home price is $97,600, with tax bills ranging from $204 at the 25th percentile to $1,395 at the 90th percentile. The highest and lowest median tax bills, both at $534, are found in the 37821 zip code. Being aware of these valuation processes in Newport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Newport Assessed Value
$97,600
Average Jefferson County Assessed Value
$119,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newport, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37821 | $22,400 | $37,250 | $97,600 | $143,050 | $254,680 |
Source: Ownwell
Property Tax Bills Across Newport, Tennessee
In Newport, 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 a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Newport, the median home price is $97,600. Property tax bills can vary significantly, with the 25th percentile paying around $204, while those in the 75th percentile face bills of approximately $783. The top 10% of homeowners could see tax bills as high as $1,395. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure. For homeowners, understanding these factors is essential as they directly impact the overall affordability of owning a home in Newport. Compared to the national median property tax rate of 0.99%, Newport's property tax landscape reflects both the regional economic conditions and the specific needs of the community.
Average Newport Tax Bill
$534
Average Jefferson County Tax Bill
$726
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Newport, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37821 | $123 | $204 | $534 | $783 | $1,395 |
Source: Ownwell