Norcross, Tennessee Property Taxes
The median property tax rate in Norcross, TN is 0.63%, slightly lower than the state median of 0.64% and significantly below the national median of 0.99%. With a median home value of $22,900 in Norcross, the typical annual property tax bill amounts to $144, which is far less than the national median of $2,690. Property taxes in Norcross are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Norcross'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 Norcross 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
Norcross, 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 Norcross Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Norcross with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Norcross to provide an estimated property tax bill. This valuable tool helps you grasp potential tax obligations. For those interested in neighborhood-specific trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, considering any applicable exemptions.
Property Tax Rates Across Norcross, Tennessee
Property taxes in Norcross, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norcross is 0.63%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Norcross set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norcross 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 Norcross's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 30093 zip code has the highest median property tax rate of 0.63%, while the 30093 zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Norcross 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 Norcross 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 Norcross, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30093 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Norcross, Tennessee
In Norcross, 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 local 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 Norcross, 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 Norcross helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 30093 in Norcross has both the highest and lowest median tax bill at $144.00.
Average Norcross Assessed Value
$22,900
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 Norcross, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30093 | $22,900 | $22,900 | $22,900 | $22,900 | $22,900 |
Source: Ownwell
Property Tax Bills Across Norcross, Tennessee
In Norcross, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in the area is $22,900. Property taxes are then applied using the local tax rate, which is influenced by various factors including county budgets, local government spending, and public service funding needs. For homeowners in Norcross, the tax bill falls within a consistent range, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $144. This suggests a uniform tax rate across different property values within the city. Compared to the national median property tax rate of 0.99%, Norcross presents a relatively low property tax burden. This can be particularly beneficial for homeowners, as it translates to lower annual expenses related to property ownership, potentially making the area more attractive for new buyers and long-term residents alike.
Average Norcross Tax Bill
$144
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Norcross, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30093 | $144 | $144 | $144 | $144 | $144 |
Source: Ownwell