Elizabethton, Tennessee Property Taxes
The median property tax rate in Elizabethton, TN is 0.60%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value in Elizabethton of $219,900, the typical annual property tax bill is around $1,323, significantly less than the national median of $2,690. Property taxes in Elizabethton are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Elizabethton'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 Elizabethton or another part of Sullivan County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elizabethton, 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 Elizabethton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elizabethton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elizabethton 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 Elizabethton, Tennessee
Property taxes in Elizabethton, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elizabethton is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Elizabethton set these rates annually, and they can vary across different neighborhoods. Each year, Elizabethton 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 Elizabethton's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37643 within Elizabethton has a median property tax rate of 0.60%. Understanding how these figures compare with other regions 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 Elizabethton Tax Rate
0.60%
Average Sullivan County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elizabethton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37643 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Elizabethton, Tennessee
In Elizabethton, 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 local authorities 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 Elizabethton, 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 Elizabethton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Elizabethton is $1,323, with the zip code 37643 having both the highest and lowest median tax bills at $1,323.
Average Elizabethton Assessed Value
$219,900
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 Elizabethton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37643 | $219,900 | $219,900 | $219,900 | $219,900 | $219,900 |
Source: Ownwell
Property Tax Bills Across Elizabethton, Tennessee
In Elizabethton, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the county's property assessor. The assessed value is a percentage of the property's market value. For homeowners in Elizabethton, the median home price is $219,900. The property tax rate in this region is applied to the assessed value to determine the annual tax bill. Factors such as property location, market trends, and home improvements can influence the assessed value. In Elizabethton, the median property tax bill stands at $1,323, which is significantly higher than the national median property tax rate of 0.99%. For homeowners, this means that property taxes can represent a substantial annual expense. Understanding how these taxes are calculated can help homeowners budget accordingly and potentially explore options for appealing their assessed values if they believe them to be inaccurate. This knowledge is crucial for effective financial planning and maintaining home affordability.
Average Elizabethton Tax Bill
$1,323
Average Sullivan County Tax Bill
$872
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Elizabethton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37643 | $1,323 | $1,323 | $1,323 | $1,323 | $1,323 |
Source: Ownwell