Bradford, Tennessee Property Taxes
The median property tax rate in Bradford, TN is 0.75%, which is higher than the state median of 0.64% but still below the national median of 0.99%. Given the median home value in Bradford is $69,800, the typical annual property tax bill amounts to $665, which is significantly lower than the national median of $2,690. Property taxes in Bradford are calculated based on the assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. By understanding Bradford's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in the heart of Bradford or another part of Gibson County, having a thorough grasp of the local property tax system is crucial for financial planning and maximizing property investments.
Last Updated June 14, 2024
Bradford, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$524
Ownwell’s Bradford Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bradford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bradford to provide an accurate estimate of your property tax bill. This user-friendly tool offers valuable insights into your potential tax liabilities, helping you make informed financial decisions. For those interested in more granular details, the trends page offers localized information down to the neighborhood level. Your property’s assessed value is determined by the county for property tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Bradford, Tennessee
Property taxes in Bradford, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bradford is 0.75%, slightly lower than the U.S. national median of 0.99%. Local government entities within Bradford set these rates annually, and they can vary across different neighborhoods. Each year, Bradford 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 Bradford's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 38316 has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Bradford 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 Bradford Tax Rate
0.75%
Average Gibson County Tax Rate
0.76%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bradford, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38316 | 0.75% | 0.75% | 0.75% | 1.23% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Bradford, Tennessee
In Bradford, 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 local 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 Bradford 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Gibson County, the highest and lowest median tax bills are both $665, found in the 38316 zip code.
Average Bradford Assessed Value
$69,800
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 Bradford, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38316 | $28,420 | $44,000 | $69,800 | $113,550 | $187,800 |
Source: Ownwell
Property Tax Bills Across Bradford, Tennessee
In Bradford, located in Gibson County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Bradford stands at $69,800. Local tax authorities then apply the relevant tax rate to this assessed value to determine the annual property tax bill. Factors such as property location, size, and improvements can influence the assessed value. For instance, the tax bill at the 25th percentile is around $400, while at the 75th percentile, it reaches $1,028. The 90th percentile sees tax bills as high as $1,506. For homeowners, understanding these factors is crucial as they directly impact the affordability and financial planning for property ownership. Compared to the national median property tax rate of 0.99%, Bradford's rates can be seen as relatively moderate, offering a more affordable living situation for residents. The highest and lowest median tax bills in the area are both $665, highlighting a consistent tax environment within the 38316 zip code.
Average Bradford Tax Bill
$665
Average Gibson County Tax Bill
$563
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Bradford, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38316 | $242 | $400 | $665 | $1,028 | $1,506 |
Source: Ownwell