Gainesboro, Tennessee Property Taxes
The median property tax rate in Gainesboro, 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 Gainesboro at $37,300, the typical annual property tax bill is $162, far below the national median of $2,690. Property taxes in Gainesboro are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Gainesboro's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Gainesboro or another part of Smith County, comprehending the local property tax structure will prove beneficial.
Last Updated June 14, 2024
Gainesboro, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$160
Ownwell’s Gainesboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gainesboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gainesboro 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 Gainesboro, Tennessee
Property taxes in Gainesboro, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gainesboro is 0.43%, significantly lower than the U.S. national median of 0.99%. Local government entities within Gainesboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gainesboro 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 Gainesboro's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38562 has the highest median property tax rate of 0.43%, while the same zip code also has the lowest median tax rate of 0.43%. Understanding how these cities compare with Gainesboro provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gainesboro 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 Gainesboro, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38562 | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
Source: Ownwell
Property Tax Assessment Values Across Gainesboro, Tennessee
In Gainesboro, 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 Gainesboro, 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. The median home price in Gainesboro stands at $37,300, with the median tax bill being $162. Notably, the zip code with both the highest and lowest median tax bills is 38562, at $162. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Awareness of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gainesboro Assessed Value
$37,300
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 Gainesboro, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38562 | $37,300 | $37,300 | $37,300 | $37,300 | $37,300 |
Source: Ownwell
Property Tax Bills Across Gainesboro, Tennessee
In Gainesboro, Tennessee, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the home. For homeowners in Gainesboro, the median home price is $37,300. Property taxes in this area are relatively low, with a median tax bill of $162, which falls within the 25th, 75th, and 90th percentiles, indicating a consistent tax rate across different property values. Several factors influence the tax bill, including the property's assessed value, the local tax rate set by the county, and any applicable exemptions or deductions. Homeowners in Gainesboro benefit from a property tax rate that is significantly lower than the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable, potentially increasing the attractiveness of the area for new residents and real estate investors.
Average Gainesboro Tax Bill
$162
Average Smith County Tax Bill
$769
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Gainesboro, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38562 | $162 | $162 | $162 | $162 | $162 |
Source: Ownwell