Grimsley, Tennessee Property Taxes
The median property tax rate in Grimsley, TN is 0.48%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Grimsley at $116,800, the typical annual property tax bill is $556, far below the national median of $2,690. Property taxes in Grimsley are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grimsley'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 Grimsley 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
Grimsley, 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 Grimsley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grimsley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grimsley 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 Grimsley, Tennessee
Property taxes in Grimsley, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grimsley is 0.48%, which is below both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Grimsley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grimsley 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 Grimsley's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38565 has both the highest and lowest median property tax rate of 0.48%. Understanding how these areas compare with Grimsley provides valuable insights into the varying tax landscape across Fentress County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grimsley Tax Rate
0.48%
Average Fentress County Tax Rate
0.48%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grimsley, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38565 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Grimsley, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Grimsley, Tennessee. 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 Fentress 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 Grimsley, 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. For instance, the median home price in Grimsley is $116,800, with the 25th percentile tax bill at $221 and the 75th percentile tax bill at $735. The highest and lowest median tax bills are both $556 in the zip code 38565. Being aware of these valuation processes in Grimsley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grimsley Assessed Value
$116,800
Average Fentress County Assessed Value
$83,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grimsley, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38565 | $19,900 | $46,350 | $116,800 | $156,100 | $196,000 |
Source: Ownwell
Property Tax Bills Across Grimsley, Tennessee
In Grimsley, property tax bills are calculated based on the assessed value of a property, which is determined by the Fentress County Assessor's office. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $116,800, the tax bill can vary significantly. Homeowners in the 25th percentile can expect a bill around $221, while those in the 75th percentile may see bills as high as $735. At the 90th percentile, tax bills can reach up to $929. These values are notably lower than the national median property tax rate of 0.99%, offering some relief to homeowners in Grimsley. However, the tax burden can still impact household budgets, especially for those with higher-valued properties. Understanding these factors helps homeowners anticipate their annual expenses and budget accordingly.
Average Grimsley Tax Bill
$556
Average Fentress County Tax Bill
$401
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Grimsley, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38565 | $96 | $221 | $556 | $735 | $929 |
Source: Ownwell