Big Sandy, Tennessee Property Taxes
The median property tax rate in Big Sandy, TN is 0.68%, slightly higher than the Tennessee state median of 0.64% but lower than the national median of 0.99%. With a median home value of $71,400 in Big Sandy, the typical annual property tax bill amounts to $520, considerably below the national median of $2,690. Property taxes in Big Sandy are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Big Sandy'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 Big Sandy or another part of Benton County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Big Sandy, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$486
Ownwell’s Big Sandy Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Big Sandy with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Big Sandy to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, you can scroll down to find more localized information. Your property’s assessed value is the value assigned by Benton County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Big Sandy, Tennessee
Property taxes in Big Sandy, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Sandy is 0.68%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Big Sandy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Sandy 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 Big Sandy's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38221 has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Big Sandy provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Sandy Tax Rate
0.68%
Average Benton County Tax Rate
0.68%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Sandy, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38221 | 0.68% | 0.68% | 0.68% | 0.68% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Big Sandy, Tennessee
In Big Sandy, 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 Benton 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 Big Sandy, 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 median home price in Big Sandy is $71,400, with tax bills ranging from $283 at the 25th percentile to $1,387 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Big Sandy Assessed Value
$71,400
Average Benton County Assessed Value
$75,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Sandy, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38221 | $20,780 | $37,950 | $71,400 | $121,900 | $196,820 |
Source: Ownwell
Property Tax Bills Across Big Sandy, Tennessee
In Big Sandy, TN, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is a percentage of the property's market value, which is influenced by factors such as location, property size, and market conditions. For instance, with a median home price of $71,400 in Big Sandy, homeowners can anticipate varying tax bills depending on their property's assessed value. The tax bill for properties in the 25th percentile is around $283, while those in the 75th percentile face a tax bill of approximately $868. For homeowners in the 90th percentile, the tax bill can reach up to $1,387. The highest median tax bill in the area is $520, which is relatively moderate compared to the national median property tax rate of 0.99%. These property taxes fund essential services such as public schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Big Sandy Tax Bill
$520
Average Benton County Tax Bill
$569
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Sandy, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38221 | $147 | $283 | $520 | $868 | $1,387 |
Source: Ownwell