Chatsworth, Tennessee Property Taxes
The median property tax rate in Chatsworth, TN is 0.63%, slightly below the Tennessee state median of 0.64% and significantly lower than the national median of 0.99%. With a median home value of $32,300 in Chatsworth, the typical annual property tax bill amounts to $203, far less than the national median of $2,690. Property taxes in Chatsworth are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Chatsworth'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 Chatsworth 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
Chatsworth, 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 Chatsworth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chatsworth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chatsworth 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 Chatsworth, Tennessee
Property taxes in Chatsworth, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chatsworth is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Chatsworth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chatsworth 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 Chatsworth's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 30705 has the highest and lowest median property tax rate of 0.63%. Understanding how these areas compare with Chatsworth 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 Chatsworth 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 Chatsworth, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30705 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Chatsworth, Tennessee
In Chatsworth, 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 Chatsworth, 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 Chatsworth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 30705 has both the highest and lowest median tax bill, at $203.
Average Chatsworth Assessed Value
$32,300
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 Chatsworth, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30705 | $32,300 | $32,300 | $32,300 | $32,300 | $32,300 |
Source: Ownwell
Property Tax Bills Across Chatsworth, Tennessee
In Chatsworth, located in Polk County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is derived from the market value, which is determined by the local tax assessor. Homeowners in Chatsworth can expect their tax bills to be influenced by several factors, including the median home price, which stands at $32,300. The property tax rate in Chatsworth is compared to the national median property tax rate of 0.99%. With a consistent median tax bill of $203 across various percentiles, including the 25th, 75th, and 90th, homeowners in this region experience relatively uniform tax obligations. This uniformity provides a predictable financial landscape for property owners. Understanding how property tax bills are calculated is crucial for homeowners, as it directly impacts their annual financial planning. By knowing the assessed value and the corresponding tax rate, homeowners can better anticipate their tax liabilities and manage their finances more effectively.
Average Chatsworth Tax Bill
$203
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Chatsworth, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30705 | $203 | $203 | $203 | $203 | $203 |
Source: Ownwell