College Grove, Tennessee Property Taxes
The median property tax rate in College Grove, TN is 0.47%, which is significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in College Grove at $434,150, the typical annual property tax bill amounts to $2,398, which is below the national median of $2,690. Property taxes in College Grove are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural land. By understanding College Grove's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're residing in the heart of College Grove or another part of Rutherford County, gaining insight into the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
College Grove, 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 College Grove Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in College Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in College Grove to provide an estimate of 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 Rutherford County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across College Grove, Tennessee
Property taxes in College Grove, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in College Grove is 0.47%, significantly lower than the U.S. national median of 0.99%. Local government entities within College Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, College Grove 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 College Grove's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37046 has the highest median property tax rate of 0.47%, while the same zip code also has the lowest median tax rate of 0.47%. Understanding how these cities compare with College Grove provides valuable insights into the varying tax landscape across Rutherford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average College Grove Tax Rate
0.47%
Average Rutherford County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across College Grove, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37046 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across College Grove, Tennessee
In College Grove, 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 Rutherford 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 College Grove, 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. The highest and lowest median tax bills in College Grove both stand at $2,398, with the zip code 37046. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across College Grove, Tennessee
Source: Ownwell
$249,800
$367,450
$485,100
Average College Grove Assessed Value
$434,150
Average Rutherford County Assessed Value
$316,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across College Grove, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37046 | $216,320 | $303,100 | $434,150 | $666,000 | $892,130 |
Source: Ownwell
Property Tax Bills Across College Grove, Tennessee
Property tax bills in College Grove, Rutherford County, TN, are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is determined based on a percentage of the property's market value, which is periodically evaluated by local authorities. In College Grove, the median home price stands at $434,150, significantly influencing the tax bill for homeowners. Several factors contribute to the final tax bill, including property size, location, and any applicable exemptions. For example, the tax bill for the 25th percentile is $1,422, while the 75th percentile sees a tax bill of $3,165. At the 90th percentile, homeowners face a tax bill of $4,292. These figures highlight the variability in property taxes based on different property values and characteristics. Compared to the national median property tax rate of 0.99%, College Grove's property tax bills reflect the region's property values and tax policies. Homeowners must consider these factors when budgeting for their annual expenses, as property taxes can significantly impact their financial planning.
Average College Grove Tax Bill
$2,398
Average Rutherford County Tax Bill
$1,892
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across College Grove, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37046 | $1,048 | $1,422 | $2,398 | $3,165 | $4,292 |
Source: Ownwell