Cottontown, Tennessee Property Taxes
The median property tax rate in Cottontown, TN is 0.64%, aligning with the Tennessee state median but significantly lower than the national median of 0.99%. With a median home value of $241,850 in Cottontown, the typical annual property tax bill is $1,558, which is substantially below the national median of $2,690. Property taxes in Cottontown are calculated based on the tax assessed value, which often is less than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a deep understanding of Cottontown's property tax system, exploring available exemptions, and finding opportunities for reductions can result in substantial annual savings. Whether residing in the heart of Cottontown or elsewhere in the city, comprehending the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Cottontown, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,548
Ownwell’s Cottontown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cottontown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cottontown 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 Cottontown, Tennessee
Property taxes in Cottontown, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cottontown is 0.64%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Cottontown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cottontown 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 Cottontown's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37048 zip code has both the highest and lowest median property tax rate of 0.64%. Understanding how these cities compare with Cottontown provides valuable insights into the varying tax landscape across Robertson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cottontown Tax Rate
0.64%
Average Robertson County Tax Rate
0.64%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cottontown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37048 | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Cottontown, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cottontown, Tennessee. 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 Robertson 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 Cottontown, 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 Cottontown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 37048 has the highest and lowest median tax bill at $1,558.
Average Cottontown Assessed Value
$241,850
Average Robertson County Assessed Value
$178,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cottontown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37048 | $125,100 | $205,175 | $241,850 | $282,025 | $335,740 |
Source: Ownwell
Property Tax Bills Across Cottontown, Tennessee
In Cottontown, Robertson County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is typically a percentage of the market value of the property. For instance, if the median home price in Cottontown is $241,850, the assessed value would be a fraction of this amount, depending on local assessment rates. Once the assessed value is established, it is multiplied by the local property tax rate to determine the annual tax bill. Homeowners in Cottontown can expect tax bills to vary significantly. The 25th percentile tax bill is around $1,321, while the 75th percentile reaches up to $1,816, and the 90th percentile can be as high as $2,162. These figures highlight the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, Cottontown residents experience a diverse range of tax obligations, reflecting differences in property values and assessment practices. This variability in tax bills can significantly impact homeowners' financial planning and overall affordability.
Average Cottontown Tax Bill
$1,558
Average Robertson County Tax Bill
$1,400
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Cottontown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37048 | $805 | $1,321 | $1,558 | $1,816 | $2,162 |
Source: Ownwell