Bruceton, Tennessee Property Taxes
The median property tax rate in Bruceton, 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 $52,050 in Bruceton, the typical annual property tax bill amounts to $358, which is significantly below the national median of $2,690. Property taxes in Bruceton are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bruceton'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 Bruceton or another part of Benton County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bruceton, 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 Bruceton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bruceton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bruceton 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 Bruceton, Tennessee
Property taxes in Bruceton, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bruceton is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Bruceton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bruceton 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 Bruceton's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38317 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Bruceton 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 Bruceton 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 Bruceton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38317 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Bruceton, Tennessee
In Bruceton, Tennessee, understanding the distinction between "market value" and "assessed value" is essential 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 Bruceton, 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 Bruceton is $52,050, with property tax bills ranging significantly. The 25th percentile tax bill is $241, while the 75th percentile tax bill is $569, and the 90th percentile tax bill is $732. Interestingly, the highest and lowest median tax bills in the area are both $358, located in the 38317 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, identify opportunities for protesting assessments, or apply for exemptions to effectively manage the tax burden.
Average Bruceton Assessed Value
$52,050
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 Bruceton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38317 | $22,410 | $35,600 | $52,050 | $82,450 | $107,220 |
Source: Ownwell
Property Tax Bills Across Bruceton, Tennessee
In Bruceton, located in Benton County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Bruceton is $52,050, and this value is used to determine the assessed value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Factors such as property location, home improvements, and changes in the real estate market can influence the assessed value, thereby affecting the tax bill. Homeowners in Bruceton can expect their tax bills to vary significantly. For instance, at the 25th percentile, the tax bill is $241, while at the 75th percentile, it rises to $569. At the 90th percentile, it can reach up to $732. The median tax bill in the area is $358, which is relatively low compared to the national median property tax rate of 0.99%. This system ensures that property taxes are proportionate to the value of the property, impacting homeowners based on their individual property values.
Average Bruceton Tax Bill
$358
Average Benton County Tax Bill
$569
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Bruceton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38317 | $151 | $241 | $358 | $569 | $732 |
Source: Ownwell