Coalfield, Tennessee Property Taxes
The median property tax rate in Coalfield, TN is 0.68%, slightly higher than the Tennessee state median of 0.64% but below the national median of 0.99%. With a median home value of $158,650 in Coalfield, the typical annual property tax bill amounts to $1,078, which is lower than the national median of $2,690. Property taxes in Coalfield are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Coalfield'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 Coalfield or another part of Morgan County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Coalfield, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,079
Ownwell’s Coalfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coalfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coalfield 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 Coalfield, Tennessee
Property taxes in Coalfield, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coalfield is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Coalfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coalfield 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 Coalfield's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37719 has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Coalfield provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Coalfield Tax Rate
0.68%
Average Morgan County Tax Rate
0.68%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coalfield, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37719 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Coalfield, Tennessee
In Coalfield, 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 Morgan 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 Coalfield, 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 median home price in Coalfield is $158,650, with tax bills ranging from $746 at the 25th percentile to $1,414 at the 75th percentile. The highest median tax bill is $1,078 in the 37719 zip code, which also has the lowest median tax bill of $1,078. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Coalfield Assessed Value
$158,650
Average Morgan County Assessed Value
$87,650
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Coalfield, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37719 | $109,090 | $109,675 | $158,650 | $207,950 | $209,120 |
Source: Ownwell
Property Tax Bills Across Coalfield, Tennessee
In Coalfield, located in Morgan County, TN, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Coalfield can expect property tax bills to vary significantly, with the 25th percentile tax bill at $746 and the 75th percentile tax bill at $1,414. The 90th percentile tax bill is slightly higher at $1,422. The median home price in Coalfield is $158,650, and the property tax rate is influenced by local government budgets and needs. Compared to the national median property tax rate of 0.99%, Coalfield's property tax rates are relatively moderate. Higher home values generally lead to higher tax bills, impacting homeowners' annual expenses. For those living in the zip code 37719, the highest and lowest median tax bills both stand at $1,078, reflecting a consistent tax rate across different property values within that area.
Average Coalfield Tax Bill
$1,078
Average Morgan County Tax Bill
$603
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Coalfield, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37719 | $742 | $746 | $1,078 | $1,414 | $1,422 |
Source: Ownwell