Tullahoma, Tennessee Property Taxes
The median property tax rate in Tullahoma, TN is 0.47%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $219,850 in Tullahoma, the typical annual property tax bill amounts to $1,332, which is well below the national median of $2,690. Property taxes in Tullahoma are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Tullahoma's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Tullahoma or another part of Franklin County, comprehending 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
0.47%
Estimate Property Tax Bill
$1,033
Ownwell’s Tullahoma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tullahoma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tullahoma 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 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 0.47%, which is lower 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 zip code 37388 has both the highest and lowest median property tax rate of 0.47%, highlighting a uniformity in the tax landscape within the area. Understanding how these rates compare with Tullahoma provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tullahoma Tax Rate
0.47%
Average Franklin County Tax Rate
0.47%
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 | 0.47% | 0.47% | 0.47% | 0.91% | 0.91% |
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 Franklin 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. Assessment notices in Tullahoma 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 median home price in Tullahoma is $219,850, with the lowest and highest median tax bills both being $1,332 in the 37388 zip code.
Average Tullahoma Assessed Value
$219,850
Average Franklin County Assessed Value
$205,400
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 | $92,190 | $162,850 | $219,850 | $312,250 | $420,780 |
Source: Ownwell
Property Tax Bills Across Tullahoma, Tennessee
In Tullahoma, located in Franklin County, TN, property tax bills are calculated based on the assessed value of a home. The process begins with the county assessor determining the market value of the property. This market value is then multiplied by an assessment ratio, which in Tennessee is typically 25% for residential properties. The resulting assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the final tax bill, including the property's market value, the assessment ratio, and the local tax rate set by the county. For homeowners in Tullahoma, the tax bills can vary significantly. For example, the 25th percentile tax bill is $845, while the 75th percentile reaches $1,942, and the 90th percentile can go up to $2,623. Comparatively, the national median property tax rate is 0.99%, highlighting how local factors can significantly impact property tax obligations. Understanding these components helps homeowners anticipate their annual property tax responsibilities.
Average Tullahoma Tax Bill
$1,332
Average Franklin County Tax Bill
$1,112
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 | $445 | $845 | $1,332 | $1,942 | $2,623 |
Source: Ownwell