Elizabethton, Tennessee Property Taxes
The median property tax rate in Elizabethton, TN is 0.59%, which is notably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $122,800 in Elizabethton, the typical annual property tax bill amounts to $700, significantly below the national median of $2,690. Property taxes in Elizabethton are based on the assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Elizabethton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of Elizabethton or other parts of Unicoi County, grasping the local property tax system can 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, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Elizabethton is 0.59%, which is below the U.S. national median of 0.99%. Local government entities within Elizabethton set these rates annually, and they can vary significantly 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 and the national median. For comparison, the zip code 37643 has both the highest and lowest median property tax rate of 0.59%, highlighting a uniform tax landscape within the region. Understanding how these areas compare with Elizabethton provides valuable insights into the varying tax landscape across Unicoi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elizabethton Tax Rate
0.59%
Average Unicoi County Tax Rate
0.59%
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 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
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 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 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. For instance, the median home price in Elizabethton is $122,800, with tax bills ranging from $566 at the 25th percentile to $1,212 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elizabethton Assessed Value
$122,800
Average Unicoi County Assessed Value
$91,600
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 | $52,460 | $98,600 | $122,800 | $178,050 | $197,980 |
Source: Ownwell
Property Tax Bills Across Elizabethton, Tennessee
In Elizabethton, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. For instance, with a median home price of $122,800, homeowners can expect their tax bills to vary significantly. Factors such as property improvements, location, and overall market trends influence the assessed value. Homeowners in Elizabethton typically see tax bills ranging from $566 at the 25th percentile to $1,073 at the 75th percentile, with the 90th percentile reaching up to $1,212. The median tax bill in the area is $700, which is below the national median property tax rate of 0.99%. These tax bills contribute to essential public services such as education, infrastructure, and emergency services, impacting the overall quality of life in the community. Understanding how these factors interplay can help homeowners anticipate their financial obligations and plan accordingly.
Average Elizabethton Tax Bill
$700
Average Unicoi County Tax Bill
$553
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 | $261 | $566 | $700 | $1,073 | $1,212 |
Source: Ownwell