Watertown, Tennessee Property Taxes
The median property tax rate in Watertown, TN is 0.48%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Watertown, the typical annual property tax bill reaches $706, significantly below the national median of $2,690. Property taxes in Watertown 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 Watertown'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 Watertown 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
Watertown, 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 Watertown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Watertown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Watertown 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 Watertown, Tennessee
Property taxes in Watertown, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Watertown is 0.48%, which is lower than the U.S. national median of 0.99%. Local government entities within Watertown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Watertown 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 Watertown's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37184 zip code has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Watertown 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 Watertown Tax Rate
0.48%
Average Wilson County Tax Rate
0.50%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Watertown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37184 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Watertown, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Watertown, 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 Wilson 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 Watertown, 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 instance, the median home price in Watertown is $145,700, with tax bills ranging from $420 at the 25th percentile to $1,190 at the 75th percentile. The highest median tax bill is $706 in the 37184 zip code. 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 Watertown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Watertown Assessed Value
$145,700
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 Watertown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37184 | $55,060 | $87,925 | $145,700 | $247,975 | $352,330 |
Source: Ownwell
Property Tax Bills Across Watertown, Tennessee
In Watertown, TN, located in Wilson County, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For instance, with a median home price of $145,700, homeowners can expect a range of tax bills depending on various factors such as property location and local levies. Homeowners in Watertown see tax bills ranging from $420 at the 25th percentile to $1,704 at the 90th percentile. The median tax bill in the area is $706, which is significantly lower than the national median property tax rate of 0.99%. These tax bills impact homeowners by contributing to the overall cost of homeownership, affecting monthly budgets and long-term financial planning. Accurate assessments and understanding local tax rates are crucial for homeowners to anticipate their annual property tax obligations.
Average Watertown Tax Bill
$706
Average Wilson County Tax Bill
$1,525
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Watertown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37184 | $262 | $420 | $706 | $1,190 | $1,704 |
Source: Ownwell