Wartrace, Tennessee Property Taxes
The median property tax rate in Wartrace, TN is 0.60%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $232,100 in Wartrace, the typical annual property tax bill amounts to $1,366, significantly below the national median of $2,690. Property taxes in Wartrace are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Wartrace'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 Wartrace 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
Wartrace, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$1,393
Ownwell’s Wartrace Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wartrace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wartrace to provide an estimate of 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 Wartrace, Tennessee
Property taxes in Wartrace, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wartrace is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Wartrace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wartrace 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 Wartrace's effective property tax rate to other areas in Moore County and the national median. For comparison, the zip code 37183 has both the highest and lowest median property tax rate of 0.60%, aligning with Wartrace's rate. Understanding how these areas compare with Wartrace 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 Wartrace 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 Wartrace, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37183 | 0.60% | 0.60% | 0.60% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Wartrace, Tennessee
In Wartrace, 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 Wartrace, 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. For instance, the zip code with the highest median tax bill in Wartrace is 37183, with a median tax bill of $1,366. 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 Wartrace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wartrace Assessed Value
$232,100
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 Wartrace, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37183 | $84,360 | $162,050 | $232,100 | $308,250 | $455,820 |
Source: Ownwell
Property Tax Bills Across Wartrace, Tennessee
In Wartrace, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. For homeowners, various factors contribute to the final tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions. Wartrace has a median home price of $232,100, and property tax bills can range significantly. For example, the 25th percentile of tax bills is $917, while the 75th percentile reaches $1804, and the 90th percentile can be as high as $2898. The local tax rate in Wartrace is relatively low compared to the national median property tax rate of 0.99%. This means that homeowners in Wartrace may benefit from lower property tax bills compared to other regions. However, the exact amount each homeowner pays will depend on their property's assessed value and any qualifying exemptions. This system ensures that property taxes are proportionate to the value of the property, helping to fund essential public services while considering the homeowner's financial situation.
Average Wartrace Tax Bill
$1,366
Average Moore County Tax Bill
$1,024
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Wartrace, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37183 | $394 | $917 | $1,366 | $1,804 | $2,898 |
Source: Ownwell