Cosby, Tennessee Property Taxes
The median property tax rate in Cosby, TN is 0.64%, aligning with the state median but lower than the national median of 0.99%. With the median home value in Cosby at $101,200, the typical annual property tax bill is $610, which is significantly less than the national median of $2,690. Property taxes in Cosby are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Cosby'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 Cosby 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
Cosby, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$648
Ownwell’s Cosby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cosby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cosby 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 Cosby, Tennessee
Property taxes in Cosby, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cosby is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Cosby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cosby 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 Cosby's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37722 has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Cosby provides valuable insights into the varying tax landscape across Cocke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cosby Tax Rate
0.64%
Average Cocke County Tax Rate
0.64%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cosby, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37722 | 0.48% | 0.64% | 0.64% | 0.64% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Cosby, Tennessee
In Cosby, 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 Cocke County Assessor 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 Cosby, 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. The median home price in Cosby is $101,200, with the tax bills ranging from $235 at the 25th percentile to $1,488 at the 90th percentile. Notably, the highest and lowest median tax bills are both $610 in the 37722 zip code. By understanding 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 Cosby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cosby Assessed Value
$101,200
Average Cocke County Assessed Value
$94,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cosby, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37722 | $22,190 | $51,475 | $101,200 | $159,200 | $232,530 |
Source: Ownwell
Property Tax Bills Across Cosby, Tennessee
In Cosby, located in Cocke County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Cosby is $101,200, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property improvements, market fluctuations, and changes in local tax rates can influence the assessed value and, consequently, the tax bill. Homeowners in Cosby can expect a range of property tax bills. For instance, the 25th percentile tax bill is approximately $235, while those in the 75th percentile pay around $984. At the 90th percentile, the tax bill can reach up to $1,488. The highest median tax bill recorded is $610 in the 37722 zip code. Compared to the national median property tax rate of 0.99%, Cosby's rates provide a relatively affordable option for homeowners, affecting their financial planning and overall cost of living.
Average Cosby Tax Bill
$610
Average Cocke County Tax Bill
$618
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Cosby, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37722 | $23 | $235 | $610 | $984 | $1,488 |
Source: Ownwell