Erwin, Tennessee Property Taxes
The median property tax rate in Erwin, TN is 0.59%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Erwin, the typical annual property tax bill reaches $591, significantly less than the national median of $2,690. Property taxes in Erwin 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 Erwin'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 Erwin 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
Erwin, 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 Erwin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Erwin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Erwin 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 Erwin, Tennessee
Property taxes in Erwin, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Erwin is 0.59%, significantly lower than the U.S. national median of 0.99%. Local government entities within Erwin set these rates annually, and they can vary across different neighborhoods. Each year, Erwin 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 Erwin's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37650 has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these rates compare with Erwin 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 Erwin 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 Erwin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37650 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Erwin, Tennessee
In Erwin, 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 Unicoi 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 Erwin, 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 Erwin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Erwin are both $591, found in zip code 37650.
Average Erwin Assessed Value
$98,700
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 Erwin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37650 | $12,940 | $43,100 | $98,700 | $154,900 | $208,580 |
Source: Ownwell
Property Tax Bills Across Erwin, Tennessee
In Erwin, located in Unicoi County, TN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and represents a percentage of the property's market value. Homeowners in Erwin typically see a median home price of $98,700. The property tax rate in Erwin is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For example, the 25th percentile tax bill is $266, while the 75th percentile tax bill is $915, with the 90th percentile reaching $1,238. Compared to the national median property tax rate of 0.99%, Erwin's property taxes offer a relatively affordable option for homeowners. This affordability can be a significant factor for those considering purchasing a home in Erwin, as lower property taxes reduce the overall cost of homeownership and can make living in the area more financially manageable.
Average Erwin Tax Bill
$591
Average Unicoi County Tax Bill
$553
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Erwin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37650 | $76 | $266 | $591 | $915 | $1,238 |
Source: Ownwell