Shelbyville, Tennessee Property Taxes
The median property tax rate in Shelbyville, TN is 0.98%, slightly below the national median of 0.99% but significantly higher than the Tennessee state median of 0.64%. With a median home value of $163,100 in Shelbyville, the typical annual property tax bill amounts to $1,321, which is below the national median of $2,690. Property taxes in Shelbyville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Shelbyville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Shelbyville 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
Shelbyville, 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 Shelbyville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Shelbyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shelbyville 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 Shelbyville, Tennessee
Property taxes in Shelbyville, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shelbyville is 0.98%, slightly lower than the U.S. national median of 0.99%. Local government entities within Shelbyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shelbyville 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. Understanding how Shelbyville's effective property tax rate compares to other areas provides valuable insights into the varying tax landscape across Bedford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shelbyville Tax Rate
0.98%
Average Bedford County Tax Rate
0.58%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shelbyville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37160 | 0.58% | 0.58% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Shelbyville, Tennessee
In Shelbyville, 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 Bedford 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 Shelbyville, 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. The zip code with the highest and lowest median tax bill in Shelbyville is 37160, with a median tax bill of $1,321. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shelbyville Assessed Value
$163,100
Average Bedford County Assessed Value
$173,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shelbyville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37160 | $78,800 | $112,800 | $163,100 | $229,900 | $330,420 |
Source: Ownwell
Property Tax Bills Across Shelbyville, Tennessee
In Shelbyville, TN, located in Bedford County, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. For homeowners in Shelbyville, the median home price is $163,100. Property tax bills can vary significantly, with the 25th percentile at $909 and the 75th percentile at $1866. The 90th percentile tax bill reaches up to $2435. Compared to the national median property tax rate of 0.99%, Shelbyville's rates are competitive, offering some relief to homeowners. The highest and lowest median tax bills in the area are both $1321, found in the 37160 zip code. Understanding these factors can help homeowners budget effectively and seek potential savings through exemptions or appeals.
Average Shelbyville Tax Bill
$1,321
Average Bedford County Tax Bill
$1,283
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Shelbyville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37160 | $630 | $909 | $1,321 | $1,866 | $2,435 |
Source: Ownwell