Carthage, Tennessee Property Taxes
The median property tax rate in Carthage, TN is 0.43%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Carthage at $172,850, the typical annual property tax bill is $886, well below the national median of $2,690. Property taxes in Carthage 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 Carthage'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 Carthage or another part of Smith County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Carthage, 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 Carthage Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carthage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carthage 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 Carthage, Tennessee
Property taxes in Carthage, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carthage is 0.43%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Carthage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carthage 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 Carthage's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37030 ZIP code has both the highest and lowest median property tax rate of 0.43%, matching Carthage's rate. Understanding how these areas compare with Carthage provides valuable insights into the varying tax landscape across Smith County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carthage Tax Rate
0.43%
Average Smith County Tax Rate
0.43%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carthage, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37030 | 0.43% | 0.43% | 0.43% | 0.64% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Carthage, Tennessee
In Carthage, 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 Smith 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 Carthage, 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. Notably, the highest and lowest median tax bills in Carthage are both $886.00, found in the zip code 37030, highlighting a uniformity in tax assessments within the area. By being aware of these valuation processes in Carthage, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Carthage Assessed Value
$172,850
Average Smith County Assessed Value
$164,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carthage, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37030 | $49,530 | $105,300 | $172,850 | $251,425 | $352,380 |
Source: Ownwell
Property Tax Bills Across Carthage, Tennessee
In Carthage, Smith County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Carthage is $172,850, and local tax rates are applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can affect the assessed value, leading to variations in tax bills among homeowners. Homeowners in Carthage can expect their property tax bills to vary significantly. For instance, the tax bill for the 25th percentile is around $538, while those in the 75th and 90th percentiles are $1,298 and $1,725, respectively. The highest and lowest median tax bills in the area are both $886, indicating some consistency within specific zip codes. Compared to the national median property tax rate of 0.99%, Carthage's rates offer a relatively moderate tax burden, impacting homeowners by influencing their overall housing costs and financial planning.
Average Carthage Tax Bill
$886
Average Smith County Tax Bill
$769
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Carthage, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37030 | $223 | $538 | $886 | $1,298 | $1,725 |
Source: Ownwell