Winfield, Tennessee Property Taxes
The median property tax rate in Winfield, TN is 0.62%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Winfield at $59,700, the typical annual property tax bill is $359, significantly less than the national median of $2,690. Property taxes in Winfield 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 Winfield'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 Winfield 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
Winfield, 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 Winfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winfield 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 Winfield, Tennessee
Property taxes in Winfield, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winfield is 0.62%, lower than the U.S. national median of 0.99%. Local government entities within Winfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winfield 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 Winfield's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37892 zip code has the highest median property tax rate of 0.62%, while the same zip code has the lowest median tax rate of 0.62%. Understanding how these cities compare with Winfield provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Winfield Tax Rate
0.62%
Average Scott County Tax Rate
0.62%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winfield, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37892 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Winfield, Tennessee
In Winfield, 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 Scott 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 Winfield, 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 Winfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $359, occurring in the 37892 zip code.
Average Winfield Assessed Value
$59,700
Average Scott County Assessed Value
$69,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Winfield, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37892 | $11,780 | $29,200 | $59,700 | $100,400 | $157,000 |
Source: Ownwell
Property Tax Bills Across Winfield, Tennessee
In Winfield, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $59,700, the assessed value is determined and then multiplied by the local tax rate set by Scott County. This rate is applied to the assessed value to compute the annual property tax bill. Several factors influence the tax bill, including the property's location, its assessed value, and any applicable exemptions. Homeowners in Winfield typically see tax bills ranging from $178 at the 25th percentile to $967 at the 90th percentile, with the median tax bill sitting at $359. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Winfield's tax rates can offer relatively affordable property tax bills, making it a potentially attractive option for homeowners.
Average Winfield Tax Bill
$359
Average Scott County Tax Bill
$471
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Winfield, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37892 | $74 | $178 | $359 | $613 | $967 |
Source: Ownwell