Thompsons Station, Tennessee Property Taxes
The median property tax rate in Thompsons Station, TN is 0.47%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $377,300 in Thompsons Station, the typical annual property tax bill amounts to $1,170, well below the national median of $2,690. Property taxes in Thompsons Station are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Thompsons Station'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 Thompsons Station 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
Thompsons Station, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$1,773
Ownwell’s Thompsons Station Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thompsons Station with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thompsons Station 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 Thompsons Station, Tennessee
Property taxes in Thompsons Station, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thompsons Station is 0.47%, significantly lower than the U.S. national median of 0.99%. Local government entities within Thompsons Station set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thompsons Station 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 Thompsons Station's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37179 zip code has both the highest and lowest median property tax rate of 0.47%. Understanding how these areas compare with Thompsons Station provides valuable insights into the varying tax landscape across Williamson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thompsons Station Tax Rate
0.47%
Average Williamson County Tax Rate
0.54%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thompsons Station, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37179 | 0.18% | 0.18% | 0.47% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Thompsons Station, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Thompsons Station, Tennessee. 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 Williamson 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 Thompsons Station, 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. For example, the median home price in the area is $377,300, with tax bills ranging significantly. The lowest median tax bill is $608, while the highest median tax bill reaches $2,455. 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 Thompsons Station helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Thompsons Station, Tennessee
Source: Ownwell
$161,000
$549,800
$938,600
Average Thompsons Station Assessed Value
$377,300
Average Williamson County Assessed Value
$492,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thompsons Station, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37179 | $199,830 | $291,800 | $377,300 | $506,900 | $678,700 |
Source: Ownwell
Property Tax Bills Across Thompsons Station, Tennessee
In Thompsons Station, located in Williamson County, TN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. The local tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value. Homeowners in Thompsons Station experience varying tax bills. For instance, the 25th percentile tax bill is around $608, while the 75th percentile tax bill reaches $2,455. The 90th percentile tax bill can go as high as $3,334. These figures illustrate the range of property tax burdens in the area. The median home price in Thompsons Station is $377,300, which, when compared to the national median property tax rate of 0.99%, shows that local tax rates can significantly impact homeowners' finances. Understanding these factors is crucial for homeowners to manage their property tax obligations effectively.
Average Thompsons Station Tax Bill
$1,170
Average Williamson County Tax Bill
$2,616
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Thompsons Station, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37179 | $474 | $608 | $1,170 | $2,455 | $3,334 |
Source: Ownwell