Nashville, Tennessee Property Taxes
The median property tax rate in Nashville, TN is 0.49%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Nashville, the typical annual property tax bill reaches $2,608, which is slightly below the national median of $2,690. Property taxes in Nashville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Nashville'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 Nashville 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
Nashville, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$2,635
Ownwell’s Nashville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nashville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nashville 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 Nashville, Tennessee
Property taxes in Nashville, Tennessee, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nashville is 0.49%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Nashville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nashville 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 Nashville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37203 zip code has the highest median property tax rate of 0.50%, while the 37211 zip code has the lowest median tax rate of 0.48%. Understanding how these areas compare with Nashville provides valuable insights into the varying tax landscape across Wilson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nashville Tax Rate
0.49%
Average Wilson County Tax Rate
0.50%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nashville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37203 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| 37211 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Nashville, Tennessee
In Nashville, 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 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. 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 Nashville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the zip code with the highest median tax bill is 37211 at $3,693, while the lowest is 37203 at $1,522. This disparity highlights the importance of understanding local property tax assessments to potentially reduce your tax liability.
Average Nashville Assessed Value
$537,750
Average Wilson County Assessed Value
$285,400
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nashville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37203 | $301,600 | $301,600 | $301,600 | $301,600 | $301,600 |
| 37211 | $773,900 | $773,900 | $773,900 | $773,900 | $773,900 |
Source: Ownwell
Property Tax Bills Across Nashville, Tennessee
In Nashville, Wilson County, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. Nashville’s property tax rate is applied to this assessed value to calculate the annual tax bill. Homeowners in Nashville can expect a wide range of property tax bills. For instance, the tax bill at the 25th percentile is around $2,065, while at the 75th percentile, it rises to about $3,150. The 90th percentile tax bill reaches approximately $3,476. The highest median tax bill in the area is $3,693, found in the 37211 zip code, whereas the lowest median tax bill is $1,522 in the 37203 zip code. These property taxes significantly impact homeowners by influencing their overall housing costs. Compared to the national median property tax rate of 0.99%, Nashville homeowners may find their tax obligations vary widely, depending on their property's assessed value and location within the city.
Average Nashville Tax Bill
$2,608
Average Wilson County Tax Bill
$1,525
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Nashville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37203 | $1,522 | $1,522 | $1,522 | $1,522 | $1,522 |
| 37211 | $3,693 | $3,693 | $3,693 | $3,693 | $3,693 |
Source: Ownwell