Wartrace, Tennessee Property Taxes
The median property tax rate in Wartrace, TN is 0.58%, which is notably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Wartrace, the typical annual property tax bill is $604, significantly below the national median of $2,690. Property taxes in Wartrace are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wartrace'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 Wartrace 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
Wartrace, 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 Wartrace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wartrace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wartrace 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 Wartrace, Tennessee
Property taxes in Wartrace, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wartrace is 0.58%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Wartrace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wartrace 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 Wartrace's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37183 has the highest and lowest median property tax rate of 0.58%. Understanding how these cities compare with Wartrace 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 Wartrace Tax Rate
0.58%
Average Coffee County Tax Rate
0.59%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wartrace, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37183 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Wartrace, Tennessee
In Wartrace, 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 Wartrace, 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 Wartrace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $604 in the zip code 37183, indicating a consistent tax environment in the area.
Average Wartrace Assessed Value
$103,550
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 Wartrace, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37183 | $38,820 | $56,375 | $103,550 | $222,050 | $350,480 |
Source: Ownwell
Property Tax Bills Across Wartrace, Tennessee
Property tax bills in Wartrace, located in Coffee County, TN, are determined by assessing the value of a property and applying the local tax rate to this assessed value. The assessed value is typically a percentage of the property's market value. In Wartrace, homeowners experience a range of property tax bills based on their property's assessed value. For instance, the 25th percentile of tax bills is around $328, while the 75th percentile reaches up to $1334. The highest median tax bill in the area is $604, which is relatively low when compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's location, market conditions, and any applicable exemptions or deductions. Homeowners in Wartrace benefit from a lower tax burden compared to many other regions, which can make homeownership more affordable. However, it's essential for homeowners to stay informed about their property's assessed value and any changes in local tax rates to better manage their property tax obligations.
Average Wartrace Tax Bill
$604
Average Coffee County Tax Bill
$805
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Wartrace, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37183 | $223 | $328 | $604 | $1,334 | $2,044 |
Source: Ownwell