Pikeville, Tennessee Property Taxes
The median property tax rate in Pikeville, TN is 0.60%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $97,050 in Pikeville, the typical annual property tax bill amounts to $588, which is considerably less than the national median of $2,690. Property taxes in Pikeville are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Pikeville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Pikeville or another part of the city, comprehending the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Pikeville, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$582
Ownwell’s Pikeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pikeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pikeville 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 Pikeville, Tennessee
Property taxes in Pikeville, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pikeville is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Pikeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pikeville 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 Pikeville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37367 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 cities compare with Pikeville provides valuable insights into the varying tax landscape across Van Buren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pikeville Tax Rate
0.60%
Average Van Buren County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pikeville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37367 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Pikeville, Tennessee
In Pikeville, 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 Van Buren 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 Pikeville, 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 Pikeville 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 $588, found in the 37367 zip code.
Average Pikeville Assessed Value
$97,050
Average Van Buren County Assessed Value
$96,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pikeville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37367 | $37,730 | $60,975 | $97,050 | $153,775 | $210,250 |
Source: Ownwell
Property Tax Bills Across Pikeville, Tennessee
In Pikeville, located in Van Buren County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is a percentage of the market value of the property. For instance, with a median home price of $97,050, the tax bill can vary significantly depending on the specific assessment and applicable tax rate. The tax bill in Pikeville typically falls within a range, with the 25th percentile at $366 and the 75th percentile at $923. At the higher end, the 90th percentile tax bill can reach up to $1,324. These figures reflect the variability in property values and the corresponding tax obligations. For homeowners, the property tax bill is a crucial financial consideration. It can influence decisions about buying or selling property and affect overall affordability. Compared to the national median property tax rate of 0.99%, Pikeville's property tax rates can be seen as relatively moderate, providing a balanced fiscal environment for residents.
Average Pikeville Tax Bill
$588
Average Van Buren County Tax Bill
$590
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Pikeville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37367 | $221 | $366 | $588 | $923 | $1,324 |
Source: Ownwell