Ducktown, Tennessee Property Taxes
The median property tax rate in Ducktown, TN is 0.63%, slightly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Ducktown, the typical annual property tax bill amounts to $45, significantly below the national median of $2,690. Property taxes in Ducktown are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ducktown'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 Ducktown or another part of Polk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ducktown, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$45
Ownwell’s Ducktown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ducktown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ducktown 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 Ducktown, Tennessee
Property taxes in Ducktown, Tennessee, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Ducktown is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Ducktown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ducktown 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 Ducktown's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37326 has both the highest and lowest median property tax rate of 0.63%. Understanding how these areas compare with Ducktown 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 Ducktown 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 Ducktown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37326 | 0.61% | 0.62% | 0.63% | 0.63% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Ducktown, Tennessee
In Ducktown, 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 Assessor 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 Ducktown, 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 Ducktown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Ducktown is $7,200, with tax bills ranging from $20 at the 25th percentile to $830 at the 90th percentile.
Average Ducktown Assessed Value
$7,200
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 Ducktown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37326 | $1,590 | $3,275 | $7,200 | $25,250 | $132,180 |
Source: Ownwell
Property Tax Bills Across Ducktown, Tennessee
Property tax bills in Ducktown, located in Polk County, TN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property’s market value and then applies an assessment ratio. In Tennessee, the assessment ratio for residential properties is typically 25% of the market value. For instance, with a median home price of $7,200 in Ducktown, the assessed value would be $1,800. The local tax rate is then applied to this assessed value to determine the tax bill. Property tax bills can vary significantly, with the 25th percentile tax bill at $20, the 75th percentile at $160, and the 90th percentile reaching $830. These variations are influenced by factors such as property improvements, neighborhood developments, and changes in local government budgets. Homeowners in Ducktown may find their property taxes relatively manageable compared to the national median property tax rate of 0.99%, but fluctuations can still impact household budgets and long-term financial planning.
Average Ducktown Tax Bill
$45
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Ducktown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37326 | $10 | $20 | $45 | $160 | $830 |
Source: Ownwell