Tullahoma, Tennessee Property Taxes
The median property tax rate in Tullahoma, TN is 1.00%, slightly higher than the national median of 0.99% and significantly above the Tennessee state median of 0.64%. With the median home value in Tullahoma at $127,450, the typical annual property tax bill is $1,215, which is below the national median of $2,690. Property taxes in Tullahoma are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Tullahoma'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 Tullahoma 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
Tullahoma, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$1,275
Ownwell’s Tullahoma Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Tullahoma with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Tullahoma to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular insights, you can find localized trends by scrolling down. Your property’s assessed value is determined by the county for tax purposes, factoring in any applicable exemptions.
Property Tax Rates Across Tullahoma, Tennessee
Property taxes in Tullahoma, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tullahoma is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Tullahoma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tullahoma 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 Tullahoma's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37388 zip code has both the highest and lowest median property tax rate at 1.00%. Understanding how these cities compare with Tullahoma provides valuable insights into the varying tax landscape across Coffee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tullahoma Tax Rate
1.00%
Average Coffee County Tax Rate
0.59%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tullahoma, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37388 | 0.84% | 0.98% | 1.00% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Tullahoma, Tennessee
In Tullahoma, 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 Coffee 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 Tullahoma, 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 Tullahoma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Tullahoma is 37388, with a median tax bill of $1,215.
Average Tullahoma Assessed Value
$127,450
Average Coffee County Assessed Value
$105,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tullahoma, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37388 | $27,800 | $70,000 | $127,450 | $206,900 | $333,330 |
Source: Ownwell
Property Tax Bills Across Tullahoma, Tennessee
In Tullahoma, located in Coffee County, TN, property tax bills are calculated based on the assessed value of a home. This assessed value is a percentage of the property's market value, which is determined by the county assessor. The tax rate is then applied to this assessed value to calculate the annual property tax bill. For example, homeowners in Tullahoma with a median home price of $127,450 can expect varying tax bills depending on their property's specific assessed value and applicable exemptions. Several factors influence the final tax bill, including changes in the market value of homes and any applicable exemptions or deductions. For instance, tax bills in Tullahoma range from the 25th percentile at $671 to the 90th percentile at $3,152. The highest and lowest median tax bills in the area are both $1,215, indicating a relatively consistent tax rate within the zip code 37388. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services.
Average Tullahoma Tax Bill
$1,215
Average Coffee County Tax Bill
$805
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Tullahoma, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37388 | $248 | $671 | $1,215 | $2,002 | $3,152 |
Source: Ownwell