Westport, Tennessee Property Taxes
The median property tax rate in Westport, TN is 0.68%, slightly higher than the Tennessee state median of 0.64%, yet below the national median of 0.99%. With a median home value of $126,500 in Westport, the typical annual property tax bill is $863, which is significantly lower than the national median of $2,690. Property taxes in Westport are calculated based on the tax assessed value, often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Westport'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 Westport 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
Westport, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$860
Ownwell’s Westport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westport 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 Westport, Tennessee
Property taxes in Westport, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westport is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Westport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westport 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 Westport's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 38387 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these areas compare with Westport 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 Westport 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 Westport, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38387 | 0.68% | 0.68% | 0.68% | 0.68% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Westport, Tennessee
In Westport, 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 Westport, 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 Westport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $863 in the 38387 zip code, while the lowest is also $863, highlighting the uniformity in tax assessments across the region.
Average Westport Assessed Value
$126,500
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 Westport, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38387 | $24,400 | $85,850 | $126,500 | $195,800 | $220,100 |
Source: Ownwell
Property Tax Bills Across Westport, Tennessee
In Westport, Benton County, TN, property tax bills are determined by several key factors. The tax bill calculation begins with the assessed value of a property, which is typically a percentage of its market value. In this region, the median home price is $126,500. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Homeowners in Westport experience a range of tax bills depending on their property values. The tax bills at the 25th percentile are around $586, while those at the 75th percentile reach up to $1,135. For the top 10% of properties, tax bills can be as high as $1,391. These taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Westport's property tax rates provide a balanced approach to funding community needs without overly burdening homeowners. This system ensures that property taxes are equitable and reflective of property values, impacting homeowners' financial planning and community investments.
Average Westport Tax Bill
$863
Average Benton County Tax Bill
$569
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Westport, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38387 | $166 | $586 | $863 | $1,135 | $1,391 |
Source: Ownwell