West Fargo, Tennessee Property Taxes
The median property tax rate in West Fargo, 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 West Fargo at $22,500, the typical annual property tax bill is $141, significantly below the national median of $2,690. Property taxes in West Fargo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding West Fargo'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 West Fargo 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
West Fargo, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$142
Ownwell’s West Fargo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in West Fargo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West Fargo 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 West Fargo, Tennessee
Property taxes in West Fargo, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in West Fargo is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within West Fargo set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Fargo 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 West Fargo's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 58078 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 West Fargo 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 West Fargo 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 West Fargo, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58078 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across West Fargo, Tennessee
In West Fargo, 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. Assessment notices in West Fargo 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 West Fargo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median property tax bill in West Fargo is $141, with the highest and lowest tax bills both found in zip code 58078.
Average West Fargo Assessed Value
$22,500
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 West Fargo, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58078 | $22,500 | $22,500 | $22,500 | $22,500 | $22,500 |
Source: Ownwell
Property Tax Bills Across West Fargo, Tennessee
In West Fargo, located in Polk County, TN, property tax bills are calculated based on the assessed value of the 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 to arrive at the taxable value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in West Fargo, the median home price is $22,500, and the median property tax bill stands at $141, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can be attributed to both the modest median home prices and the local tax policies in Polk County. Homeowners benefit from these lower tax rates, which can make homeownership more affordable and financially manageable. However, it's essential for property owners to stay informed about any changes in assessment practices or tax rates that could impact their future tax bills.
Average West Fargo Tax Bill
$141
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across West Fargo, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58078 | $141 | $141 | $141 | $141 | $141 |
Source: Ownwell