Petersburg, Tennessee Property Taxes
The median property tax rate in Petersburg, TN is 0.45%, noticeably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $176,400 in Petersburg, the typical annual property tax bill is around $854, which is significantly lower than the national median of $2,690. Property taxes in Petersburg are calculated based on the assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Petersburg'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 Petersburg 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
Petersburg, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$794
Ownwell’s Petersburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Petersburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petersburg 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 Petersburg, Tennessee
Property taxes in Petersburg, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Petersburg is 0.45%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Petersburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Petersburg 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 Petersburg's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37144 zip code has the highest median property tax rate of 0.45%, while the 37144 zip code also has the lowest median tax rate of 0.45%. Understanding how these cities compare with Petersburg 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 Petersburg 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 Petersburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37144 | 0.45% | 0.45% | 0.45% | 0.46% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Petersburg, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Petersburg, Tennessee. 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 Petersburg, 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 Petersburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Marshall County, the zip code with the highest median tax bill is 37144, with a tax bill of $854.00, which is significantly lower than the national median property tax rate of 0.99%.
Average Petersburg Assessed Value
$176,400
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 Petersburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37144 | $56,400 | $98,200 | $176,400 | $263,700 | $428,900 |
Source: Ownwell
Property Tax Bills Across Petersburg, Tennessee
In Petersburg, located in Marshall County, TN, property tax bills are calculated based on a combination of the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the market value of the property and then applies an assessment ratio. For residential properties, this ratio is typically a percentage of the market value. The local tax rate is then applied to the assessed value to determine the annual property tax bill. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value, thereby affecting the tax bill. For example, with a median home price of $176,400, homeowners in Petersburg can expect their tax bills to vary significantly. The 25th percentile tax bill is around $484, while the 75th percentile reaches approximately $1,221. In some cases, the tax bill can be as high as $1,922, placing a financial burden on homeowners. Compared to the national median property tax rate of 0.99%, these figures provide a snapshot of the local property tax landscape.
Average Petersburg Tax Bill
$854
Average Marshall County Tax Bill
$1,145
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Petersburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37144 | $259 | $484 | $854 | $1,221 | $1,922 |
Source: Ownwell