Normandy, Tennessee Property Taxes
The median property tax rate in Normandy, TN is 0.60%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Normandy at $223,650, the typical annual property tax bill amounts to $1,353, well below the national median of $2,690. Property taxes in Normandy are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Normandy'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 Normandy or another part of Moore County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Normandy, 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 Normandy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Normandy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Normandy 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 Normandy, Tennessee
Property taxes in Normandy, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Normandy is 0.60%, which is significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Normandy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Normandy 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 Normandy's effective property tax rate to other counties in Tennessee and the national median. For comparison, the ZIP code 37360 has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Normandy provides valuable insights into the varying tax landscape across Moore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Normandy Tax Rate
0.60%
Average Moore County Tax Rate
0.61%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Normandy, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37360 | 0.58% | 0.60% | 0.60% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Normandy, Tennessee
In Normandy, 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 Moore County 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 Normandy, 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 Normandy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with both the highest and lowest median tax bill is 37360, standing at $1353.
Average Normandy Assessed Value
$223,650
Average Moore County Assessed Value
$174,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Normandy, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37360 | $42,640 | $121,325 | $223,650 | $370,425 | $509,440 |
Source: Ownwell
Property Tax Bills Across Normandy, Tennessee
In Normandy, located in Moore County, TN, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor and typically represents a percentage of the property's market value. For instance, a median home price in Normandy is $223,650. Property tax rates are applied to this assessed value to determine the annual tax bill. Homeowners in Normandy can expect a range of property tax bills depending on their property's assessed value. The tax bill for properties in the 25th percentile is around $760, while those in the 75th percentile can reach up to $2272. For the highest-valued properties, tax bills can soar to approximately $3239. These property taxes fund essential local services such as public schools, infrastructure, and emergency services. Comparing these figures to the national median property tax rate of 0.99%, Normandy homeowners may find their tax obligations relatively moderate, ensuring they contribute fairly to the community's development and maintenance.
Average Normandy Tax Bill
$1,353
Average Moore County Tax Bill
$1,024
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Normandy, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37360 | $119 | $760 | $1,353 | $2,272 | $3,239 |
Source: Ownwell