Atwood, Tennessee Property Taxes
The median property tax rate in Atwood, TN is 0.80%, which is lower than the national median of 0.99% but higher than the Tennessee state median of 0.64%. With the median home value in Atwood at $78,300, the typical annual property tax bill amounts to $606, significantly below the national median of $2,690. Property taxes in Atwood 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 Atwood'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 Atwood 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
Atwood, 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 Atwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Atwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Atwood 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 Atwood, Tennessee
Property taxes in Atwood, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Atwood is 0.80%, which is higher than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Atwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Atwood 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 Atwood's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38220 zip code has both the highest and lowest median property tax rate of 0.80%. Understanding how these cities compare with Atwood provides valuable insights into the varying tax landscape across Gibson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Atwood Tax Rate
0.80%
Average Gibson County Tax Rate
0.76%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Atwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38220 | 0.75% | 0.75% | 0.80% | 0.80% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Atwood, Tennessee
In Atwood, 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 Gibson 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 Atwood, 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 Atwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code with the highest and lowest median tax bill is 38220, both at $606. This highlights the importance of understanding your specific property valuation to manage your tax obligations effectively.
Average Atwood Assessed Value
$78,300
Average Gibson County Assessed Value
$77,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Atwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38220 | $29,740 | $51,750 | $78,300 | $162,700 | $248,800 |
Source: Ownwell
Property Tax Bills Across Atwood, Tennessee
In Atwood, located in Gibson County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $78,300, homeowners can expect their tax bills to vary widely. The 25th percentile tax bill is around $394, while the 75th percentile reaches up to $1,268, and the 90th percentile can be as high as $1,995. Factors influencing the tax bill include the home's market value, local tax rate, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Gibson County's tax rates can significantly impact homeowners' financial planning. High property taxes can affect affordability and long-term investment in the area, making it crucial for homeowners to stay informed about their tax obligations.
Average Atwood Tax Bill
$606
Average Gibson County Tax Bill
$563
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Atwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38220 | $224 | $394 | $606 | $1,268 | $1,995 |
Source: Ownwell