Belfast, Tennessee Property Taxes
The median property tax rate in Belfast, Tennessee is 0.45%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Belfast, the typical annual property tax bill reaches $761, well below the national median of $2,690. Property taxes in Belfast are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Belfast'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 Belfast or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Belfast, 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 Belfast Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belfast with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belfast 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 Belfast, Tennessee
Property taxes in Belfast, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belfast is 0.45%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Belfast set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belfast 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 Belfast's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37019 has both the highest and lowest median property tax rate of 0.45%. Understanding how these cities compare with Belfast provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belfast Tax Rate
0.45%
Average Marshall County Tax Rate
0.45%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belfast, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37019 | 0.45% | 0.45% | 0.45% | 0.45% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Belfast, Tennessee
In Belfast, 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 Belfast, 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 Belfast helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 37019 has the highest and lowest median tax bills at $761.
Average Belfast Assessed Value
$171,200
Average Marshall County Assessed Value
$204,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belfast, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37019 | $42,480 | $99,350 | $171,200 | $260,350 | $347,840 |
Source: Ownwell
Property Tax Bills Across Belfast, Tennessee
In Belfast, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. Homeowners in Marshall County can expect their property tax to be influenced by the county’s tax rate and the assessed value of their property. The median home price in Belfast is $171,200, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $455, while the 75th percentile tax bill is $1,192, and those at the 90th percentile see bills around $1,588. These values indicate a range of property tax burdens depending on property values and other factors like exemptions or local tax policies. Compared to the national median property tax rate of 0.99%, Belfast's property tax rates reflect the unique local economic conditions and policy decisions. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances accordingly.
Average Belfast Tax Bill
$761
Average Marshall County Tax Bill
$1,145
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Belfast, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37019 | $202 | $455 | $761 | $1,192 | $1,588 |
Source: Ownwell