Castalian Springs, Tennessee Property Taxes
The median property tax rate in Castalian Springs, TN is 0.49%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Castalian Springs at $266,500, the typical annual property tax bill reaches $1,316, which is significantly below the national median of $2,690. Property taxes in Castalian Springs 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 Castalian Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Castalian Springs 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
Castalian Springs, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$1,306
Ownwell’s Castalian Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Castalian Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Castalian Springs 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 Castalian Springs, Tennessee
Property taxes in Castalian Springs, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Castalian Springs is 0.49%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Castalian Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Castalian Springs 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 Castalian Springs' effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37031 zip code has both the highest and lowest median property tax rate of 0.49%. Understanding how these cities compare with Castalian Springs provides valuable insights into the varying tax landscape across Trousdale County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Castalian Springs Tax Rate
0.49%
Average Trousdale County Tax Rate
0.49%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Castalian Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37031 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Castalian Springs, Tennessee
In Castalian Springs, 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 local 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 Castalian Springs, 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 Castalian Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,316, found in the 37031 zip code.
Property Tax Assessment Values Across Castalian Springs, Tennessee
Source: Ownwell
$163,350
$214,925
$266,500
Average Castalian Springs Assessed Value
$266,500
Average Trousdale County Assessed Value
$186,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Castalian Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37031 | $115,840 | $175,400 | $266,500 | $334,400 | $448,840 |
Source: Ownwell
Property Tax Bills Across Castalian Springs, Tennessee
Property tax bills in Castalian Springs, located in Trousdale County, TN, are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Castalian Springs is $266,500. The tax rate is applied to this assessed value to determine the annual property tax bill. Factors such as location, property size, and improvements can influence the assessed value. In Castalian Springs, the 25th percentile tax bill is $879, while the 75th percentile tax bill is $1,659, and the 90th percentile tax bill reaches $2,250. These figures reflect the range of property tax burdens homeowners may face, depending on the value of their property. Compared to the national median property tax rate of 0.99%, homeowners in Castalian Springs experience varying tax bills that can significantly impact their annual expenses. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Castalian Springs Tax Bill
$1,316
Average Trousdale County Tax Bill
$1,010
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Castalian Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37031 | $585 | $879 | $1,316 | $1,659 | $2,250 |
Source: Ownwell