Gallatin, Tennessee Property Taxes
The median property tax rate in Gallatin, TN is 0.76%, which is lower than the national median of 0.99% but higher than the Tennessee state median of 0.64%. With the median home value in Gallatin at $255,500, the typical annual property tax bill reaches $1,840, significantly below the national median of $2,690. Property taxes in Gallatin 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 Gallatin'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 Gallatin 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
Gallatin, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,942
Ownwell’s Gallatin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gallatin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gallatin 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 Gallatin, Tennessee
Property taxes in Gallatin, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gallatin is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Gallatin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gallatin 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 Gallatin's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37066 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with Gallatin provides valuable insights into the varying tax landscape across Sumner County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gallatin Tax Rate
0.76%
Average Sumner County Tax Rate
0.76%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gallatin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37066 | 0.56% | 0.64% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Gallatin, Tennessee
In Gallatin, 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 Sumner 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 Gallatin, 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 Gallatin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Gallatin is $255,500, with the highest and lowest median tax bills both at $1,840 in zip code 37066.
Average Gallatin Assessed Value
$255,500
Average Sumner County Assessed Value
$246,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gallatin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37066 | $110,140 | $176,400 | $255,500 | $361,800 | $515,500 |
Source: Ownwell
Property Tax Bills Across Gallatin, Tennessee
In Gallatin, Sumner County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Gallatin is $255,500. Tax rates are applied to this assessed value to determine the annual tax bill. Various factors, such as property location, improvements, and exemptions, influence the final amount. For example, the 25th percentile tax bill is $1,263, while the 75th percentile reaches $2,578, and the 90th percentile can go up to $3,657. The property tax rate in Gallatin is notably lower than the national median property tax rate of 0.99%. This can be advantageous for homeowners, as lower property taxes mean less financial burden compared to other regions. However, it's essential to stay informed about potential changes in assessed values and tax rates, as these can impact the overall cost of homeownership. The highest and lowest median tax bill in Gallatin both stand at $1,840, reflecting a relatively stable tax environment.
Average Gallatin Tax Bill
$1,840
Average Sumner County Tax Bill
$1,839
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Gallatin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37066 | $757 | $1,263 | $1,840 | $2,578 | $3,657 |
Source: Ownwell