Bunnell, Tennessee Property Taxes
The median property tax rate in Bunnell, TN, is 0.63%, slightly below both the national median of 0.99% and Tennessee's state median of 0.64%. With a median home value of $22,500 in Bunnell, the typical annual property tax bill amounts to $141, significantly lower than the national median of $2,690. Property taxes in Bunnell are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bunnell'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 Bunnell 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
Bunnell, 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 Bunnell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bunnell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bunnell 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 Bunnell, Tennessee
Property taxes in Bunnell, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bunnell is 0.63%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Bunnell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bunnell 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 Bunnell's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 32110 zip code has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Bunnell provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bunnell Tax Rate
0.63%
Average Polk County Tax Rate
0.63%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bunnell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32110 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Bunnell, Tennessee
In Bunnell, 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 Polk 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 Bunnell, 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 Bunnell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 32110, with a value of $141.
Average Bunnell Assessed Value
$22,500
Average Polk County Assessed Value
$48,850
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bunnell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32110 | $22,500 | $22,500 | $22,500 | $22,500 | $22,500 |
Source: Ownwell
Property Tax Bills Across Bunnell, Tennessee
In Bunnell, Polk County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate, also known as the mill rate, is then applied to this assessed value to determine the annual tax bill. For instance, a median home price in Bunnell is $22,500, and the median property tax bill is $141, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. Homeowners in Bunnell benefit from relatively low property taxes compared to other regions, which can make homeownership more affordable. However, it's important for homeowners to stay informed about any changes in the local tax rate or assessed property values, as these can directly impact their annual tax obligations. Keeping track of these factors can help homeowners budget more effectively and avoid any unexpected increases in their property tax bills.
Average Bunnell Tax Bill
$141
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Bunnell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32110 | $141 | $141 | $141 | $141 | $141 |
Source: Ownwell