Piney Flats, Tennessee Property Taxes
The median property tax rate in Piney Flats, 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 of $168,000 in Piney Flats, the typical annual property tax bill is $1,022, significantly below the national median of $2,690. Property taxes in Piney Flats are calculated based on the tax assessed value, which generally falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Piney Flats' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Piney Flats 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
Piney Flats, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$1,008
Ownwell’s Piney Flats Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Piney Flats with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Piney Flats 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 Piney Flats, Tennessee
Property taxes in Piney Flats, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Piney Flats is 0.60%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Piney Flats set these rates annually, and they can vary significantly across different neighborhoods. Each year, Piney Flats 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 Piney Flats' effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37686 zip code has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these figures compare with Piney Flats provides valuable insights into the consistent tax landscape across Sullivan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Piney Flats 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 Piney Flats, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37686 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Piney Flats, Tennessee
In Piney Flats, 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 Piney Flats, 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 Piney Flats helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Piney Flats is $1,022 in the 37686 zip code, which is also the lowest median tax bill.
Average Piney Flats Assessed Value
$168,000
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 Piney Flats, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37686 | $32,500 | $97,100 | $168,000 | $276,900 | $397,040 |
Source: Ownwell
Property Tax Bills Across Piney Flats, Tennessee
In Piney Flats, Sullivan County, TN, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is a percentage of the property's market value, which is then subjected to the county's tax rate. For instance, with a median home price of $168,000, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $567, while the 75th percentile reaches up to $1,647, and the 90th percentile can be as high as $2,391. These figures illustrate the range of tax burdens homeowners might face. Compared to the national median property tax rate of 0.99%, Sullivan County's tax bills reflect a relatively moderate range. Homeowners in Piney Flats must consider these taxes as an essential part of their annual expenses. Understanding how these factors interplay helps homeowners anticipate their financial obligations and plan accordingly, ensuring they are well-prepared for their property tax responsibilities.
Average Piney Flats Tax Bill
$1,022
Average Sullivan County Tax Bill
$872
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Piney Flats, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37686 | $161 | $567 | $1,022 | $1,647 | $2,391 |
Source: Ownwell