Knoxville, Tennessee Property Taxes
The median property tax rate in Knoxville, TN is 0.39%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Knoxville at $216,800, the typical annual property tax bill reaches $1,174, which is significantly lower than the national median of $2,690. Property taxes in Knoxville 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 Knoxville'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 Knoxville 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
Knoxville, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$846
Ownwell’s Knoxville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Knoxville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Knoxville 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 Knoxville, Tennessee
Property taxes in Knoxville, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knoxville is 0.39%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Knoxville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knoxville 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 Knoxville's effective property tax rate to other areas in Knox County and the national median. For comparison, the 37902 zip code has the highest median property tax rate of 1.01%, while the 37919 zip code has the lowest median tax rate of 0.93%. Understanding how these areas compare with Knoxville provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Knoxville Tax Rate
0.39%
Average Knox County Tax Rate
0.39%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knoxville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37902 | 0.62% | 0.62% | 1.01% | 1.01% | 1.01% |
| 37909 | 0.54% | 0.93% | 0.93% | 0.93% | 0.93% |
| 37912 | 0.54% | 0.86% | 0.93% | 0.93% | 0.93% |
| 37914 | 0.39% | 0.39% | 0.93% | 0.93% | 0.93% |
| 37915 | 0.54% | 0.93% | 0.93% | 0.93% | 0.93% |
| 37916 | 0.54% | 0.86% | 0.93% | 1.48% | 1.48% |
| 37917 | 0.54% | 0.93% | 0.93% | 0.93% | 0.93% |
| 37918 | 0.39% | 0.39% | 0.39% | 0.93% | 0.93% |
| 37919 | 0.39% | 0.39% | 0.93% | 0.93% | 0.93% |
| 37920 | 0.39% | 0.39% | 0.39% | 0.93% | 0.93% |
| 37921 | 0.39% | 0.54% | 0.93% | 0.93% | 0.93% |
| 37922 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| 37923 | 0.39% | 0.39% | 0.39% | 0.39% | 0.62% |
| 37924 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| 37931 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| 37932 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| 37934 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| 37938 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| 37996 | N/A | N/A | N/A | N/A | N/A |
| 37998 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Knoxville, Tennessee
In Knoxville, 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 Knox 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 Knoxville, 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. For instance, the highest median tax bill in Knoxville is $3,290 in the 37902 zip code, while the lowest median tax bill is $778 in the 37924 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Knoxville Assessed Value
$216,800
Average Knox County Assessed Value
$222,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Knoxville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37902 | $205,800 | $270,200 | $370,000 | $479,000 | $680,800 |
| 37909 | $127,400 | $175,400 | $224,100 | $296,100 | $409,900 |
| 37912 | $107,100 | $132,200 | $158,500 | $197,500 | $251,100 |
| 37914 | $64,100 | $91,000 | $142,400 | $207,000 | $299,940 |
| 37915 | $56,700 | $70,700 | $93,700 | $130,800 | $206,980 |
| 37916 | $73,200 | $94,400 | $226,500 | $338,700 | $520,220 |
| 37917 | $81,200 | $103,075 | $134,800 | $181,400 | $247,930 |
| 37918 | $116,000 | $156,400 | $201,850 | $273,000 | $359,490 |
| 37919 | $123,520 | $201,200 | $336,800 | $574,500 | $923,720 |
| 37920 | $78,420 | $120,300 | $171,900 | $243,200 | $349,490 |
| 37921 | $66,500 | $108,600 | $159,800 | $199,800 | $249,820 |
| 37922 | $245,200 | $304,900 | $420,100 | $612,400 | $895,220 |
| 37923 | $151,100 | $196,000 | $254,900 | $316,450 | $394,000 |
| 37924 | $72,520 | $134,100 | $195,100 | $258,400 | $315,780 |
| 37931 | $146,500 | $202,900 | $268,700 | $331,500 | $405,900 |
| 37932 | $164,720 | $245,500 | $337,700 | $429,800 | $574,260 |
| 37934 | $190,900 | $212,850 | $262,100 | $330,700 | $407,400 |
| 37938 | $124,240 | $182,200 | $238,100 | $324,100 | $410,780 |
| 37996 | N/A | N/A | N/A | N/A | N/A |
| 37998 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Knoxville, Tennessee
In Knoxville, located in Knox County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners, this means that factors such as the home's market value, the local tax rate, and any applicable exemptions directly influence their property tax obligations. In Knoxville, the median home price is $216,800. Property tax bills can vary significantly, with the 25th percentile paying around $809 annually, while those in the 75th percentile face bills of approximately $1,690. At the higher end, the 90th percentile sees tax bills reaching up to $2,541. The highest median tax bill in the area is $3,290, found in the 37902 zip code, whereas the lowest median tax bill is $778 in the 37924 zip code. Understanding these factors helps homeowners anticipate their annual property tax expenses and plan their budgets accordingly.
Average Knoxville Tax Bill
$1,174
Average Knox County Tax Bill
$1,143
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Knoxville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37902 | $1,752 | $2,232 | $3,290 | $4,453 | $6,487 |
| 37909 | $1,000 | $1,391 | $1,954 | $2,581 | $3,650 |
| 37912 | $735 | $985 | $1,325 | $1,695 | $2,206 |
| 37914 | $366 | $618 | $982 | $1,516 | $2,153 |
| 37915 | $445 | $577 | $811 | $1,181 | $1,934 |
| 37916 | $460 | $678 | $2,057 | $4,217 | $6,388 |
| 37917 | $592 | $843 | $1,165 | $1,626 | $2,308 |
| 37918 | $548 | $742 | $1,088 | $1,570 | $2,168 |
| 37919 | $747 | $1,169 | $2,067 | $4,015 | $6,866 |
| 37920 | $387 | $668 | $990 | $1,413 | $2,004 |
| 37921 | $506 | $769 | $1,219 | $1,647 | $2,050 |
| 37922 | $942 | $1,179 | $1,638 | $2,418 | $3,741 |
| 37923 | $630 | $828 | $1,048 | $1,333 | $1,713 |
| 37924 | $287 | $531 | $778 | $1,035 | $1,357 |
| 37931 | $575 | $802 | $1,055 | $1,297 | $1,583 |
| 37932 | $665 | $986 | $1,335 | $1,680 | $2,237 |
| 37934 | $728 | $826 | $1,017 | $1,286 | $1,594 |
| 37938 | $474 | $705 | $924 | $1,267 | $1,602 |
| 37996 | N/A | N/A | N/A | N/A | N/A |
| 37998 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell