Kodak, Tennessee Property Taxes
The median property tax rate in Kodak, TN is 0.37%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $181,400 in Kodak, the typical annual property tax bill is $669, well below the national median of $2,690. Property taxes in Kodak are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Kodak's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Kodak or another part of Sevier County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kodak, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$671
Ownwell’s Kodak Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Kodak with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Kodak to provide an estimate of your property tax bill. This valuable tool offers insights into potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Kodak, Tennessee
Property taxes in Kodak, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kodak is 0.37%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Kodak set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kodak 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. Understanding how Kodak's effective property tax rate compares to other areas in Sevier County and the national median provides valuable insights into the varying tax landscape across the region, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kodak Tax Rate
0.37%
Average Sevier County Tax Rate
0.37%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kodak, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37764 | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
Source: Ownwell
Property Tax Assessment Values Across Kodak, Tennessee
In Kodak, 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 Sevier County Assessor of Property 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 Kodak, 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 Kodak helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Kodak, both at $669, are found in the 37764 zip code.
Average Kodak Assessed Value
$181,400
Average Sevier County Assessed Value
$196,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kodak, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37764 | $49,340 | $116,250 | $181,400 | $237,800 | $312,340 |
Source: Ownwell
Property Tax Bills Across Kodak, Tennessee
In Kodak, Sevier 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 and typically represents a percentage of the property's market value. For homeowners in Kodak, the median home price is $181,400. The property tax rate in Sevier County is applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's location, size, and any improvements made. For instance, homeowners in Kodak can expect tax bills that vary significantly: at the 25th percentile, the tax bill is around $426, while at the 75th percentile, it reaches $880. At the 90th percentile, it can go up to $1,158. These tax bills impact homeowners by contributing to annual housing costs, and higher tax bills can affect affordability. Compared to the national median property tax rate of 0.99%, Kodak's tax rates are relatively moderate, making it a potentially attractive area for homeowners looking for manageable property tax expenses.
Average Kodak Tax Bill
$669
Average Sevier County Tax Bill
$766
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Kodak, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37764 | $181 | $426 | $669 | $880 | $1,158 |
Source: Ownwell