Bristol, Tennessee Property Taxes
The median property tax rate in Bristol, TN is 1.09%, slightly higher than the national median of 0.99% and significantly above the Tennessee state median of 0.64%. With the median home value in Bristol, the typical annual property tax bill reaches $840, which is below the national median of $2,690. Property taxes in Bristol 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 Bristol'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 Bristol 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
Bristol, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$1,125
Ownwell’s Bristol Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bristol with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bristol 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 Bristol, Tennessee
Property taxes in Bristol, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bristol is 1.09%, higher than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Bristol set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bristol 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 Bristol's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37620 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Bristol provides valuable insights into the varying tax landscape across Sullivan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bristol Tax Rate
1.09%
Average Sullivan County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bristol, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37620 | 0.60% | 0.60% | 1.09% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Bristol, Tennessee
In Bristol, 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 Sullivan 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 Bristol, 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 Bristol is $103,200, with tax bills ranging from the 25th percentile at $457 to the 90th percentile at $2,088. The zip code 37620 has both the highest and lowest median tax bills at $840. 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 Bristol helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bristol Assessed Value
$103,200
Average Sullivan County Assessed Value
$117,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bristol, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37620 | $21,590 | $65,600 | $103,200 | $155,900 | $231,100 |
Source: Ownwell
Property Tax Bills Across Bristol, Tennessee
In Bristol, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, in Sullivan County, where Bristol is located, the median home price is $103,200. Homeowners in this area can expect a median tax bill of $840, which aligns with the 0.99% national median property tax rate. The tax bill can vary significantly depending on the value of the property. For example, at the 25th percentile, the tax bill is around $457, while at the 75th percentile, it can reach $1,340. For those in the 90th percentile, the tax bill can be as high as $2,088. These variations illustrate how property taxes can impact homeowners differently based on their property's assessed value. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Bristol Tax Bill
$840
Average Sullivan County Tax Bill
$872
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Bristol, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37620 | $78 | $457 | $840 | $1,340 | $2,088 |
Source: Ownwell