Talking Rock, Tennessee Property Taxes
The median property tax rate in Talking Rock, 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 Talking Rock, the typical annual property tax bill reaches $136, significantly below the national median of $2,690. Property taxes in Talking Rock are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Talking Rock'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 Talking Rock 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
Talking Rock, 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 Talking Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Talking Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Talking Rock 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 Talking Rock, Tennessee
Property taxes in Talking Rock, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Talking Rock is 0.63%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Talking Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Talking Rock 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 Talking Rock's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 30175 zip code has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Talking Rock 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 Talking Rock 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 Talking Rock, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30175 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Talking Rock, Tennessee
In Talking Rock, 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 Talking Rock, 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 Talking Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $136.00, with the zip code 30175 reflecting this value.
Average Talking Rock Assessed Value
$21,700
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 Talking Rock, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30175 | $21,700 | $21,700 | $21,700 | $21,700 | $21,700 |
Source: Ownwell
Property Tax Bills Across Talking Rock, Tennessee
In Talking Rock, located in Polk County, TN, property tax bills 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 applies an assessment ratio. For residential properties, this ratio is typically a percentage of the market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Talking Rock can expect their tax bills to be relatively low compared to the national median property tax rate of 0.99%. For instance, the median home price in the area is $21,700, resulting in a median tax bill of $136. This affordability in property taxes can provide significant financial relief to homeowners, making it an attractive location for those seeking lower living costs.
Average Talking Rock Tax Bill
$136
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Talking Rock, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30175 | $136 | $136 | $136 | $136 | $136 |
Source: Ownwell