Eminence, Tennessee Property Taxes
The median property tax rate in Eminence, TN is 0.63%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Eminence at $45,900, the typical annual property tax bill amounts to $288, significantly under the national median of $2,690. Property taxes in Eminence are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Eminence'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 Eminence 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
Eminence, 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 Eminence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eminence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eminence 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 Eminence, Tennessee
Property taxes in Eminence, Tennessee, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Eminence is 0.63%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Eminence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eminence 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 Eminence's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 40019 zip code has both the highest and lowest median property tax rate of 0.63%, identical to Eminence's rate. Understanding how these cities compare with Eminence 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 Eminence 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 Eminence, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40019 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Eminence, Tennessee
In Eminence, 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 Eminence, 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 highest and lowest median tax bills in Eminence are both $288, found in the zip code 40019. 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 Eminence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Eminence Assessed Value
$45,900
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 Eminence, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40019 | $45,900 | $45,900 | $45,900 | $45,900 | $45,900 |
Source: Ownwell
Property Tax Bills Across Eminence, Tennessee
In Eminence, located in Polk County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value determined by the county assessor. For example, if the median home price in Eminence is $45,900, the assessed value would be a fraction of this amount, depending on the local assessment ratio. Once the assessed value is determined, the property tax rate is applied to calculate the tax bill. Eminence has a relatively low property tax rate, which results in a median tax bill of $288. This figure is consistent across various percentiles, including the 25th, 75th, and 90th percentiles, indicating a uniform tax burden for most homeowners in the area. Comparatively, the national median property tax rate is 0.99%, making Eminence's tax rate considerably lower. This lower tax rate can significantly benefit homeowners by reducing their annual financial obligations, thereby making homeownership more affordable in Polk County.
Average Eminence Tax Bill
$288
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Eminence, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40019 | $288 | $288 | $288 | $288 | $288 |
Source: Ownwell