Bruceton, Tennessee Property Taxes
The median property tax rate in Bruceton, TN is 1.23%, which is considerably higher than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $58,400 in Bruceton, the typical annual property tax bill reaches $630, still below the national median of $2,690. Property taxes in Bruceton 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 Bruceton'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 Bruceton or another part of Carroll County, understanding 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, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Bruceton is 1.23%, significantly higher 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 1.23%. Understanding how these cities compare with Bruceton provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bruceton Tax Rate
1.23%
Average Carroll County Tax Rate
0.66%
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% | 1.23% | 1.23% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Bruceton, Tennessee
In Bruceton, 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 Carroll 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. 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 Bruceton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $630, specifically in the 38317 zip code.
Average Bruceton Assessed Value
$58,400
Average Carroll County Assessed Value
$76,800
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 | $20,930 | $38,400 | $58,400 | $90,525 | $146,080 |
Source: Ownwell
Property Tax Bills Across Bruceton, Tennessee
In Bruceton, located in Carroll 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 $58,400. Property tax rates are applied to this assessed value to determine the annual tax bill. For homeowners in Bruceton, the tax bill can vary significantly. At the 25th percentile, the tax bill is $374, while at the 75th percentile, it rises to $987, and at the 90th percentile, it reaches $1,318. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or abatements. The highest and lowest median tax bills in the area are both $630, indicating a relatively consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Bruceton's rates can be seen as more affordable, offering some financial relief to homeowners in the area.
Average Bruceton Tax Bill
$630
Average Carroll County Tax Bill
$574
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 | $173 | $374 | $630 | $987 | $1,318 |
Source: Ownwell