Washburn, Tennessee Property Taxes
The median property tax rate in Washburn, TN is 0.59%, notably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $96,900 in Washburn, the typical annual property tax bill amounts to $520, which is significantly less than the national median of $2,690. Property taxes in Washburn are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Washburn'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 Washburn or another part of Grainger County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Washburn, 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 Washburn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Washburn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Washburn 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 Washburn, Tennessee
Property taxes in Washburn, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Washburn is 0.59%, lower than the U.S. national median of 0.99%. Local government entities within Washburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Washburn 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 Washburn's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37888 zip code has both the highest and lowest median property tax rate of 0.59%. Understanding how these cities compare with Washburn provides valuable insights into the varying tax landscape across Grainger County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Washburn Tax Rate
0.59%
Average Grainger County Tax Rate
0.59%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Washburn, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37888 | 0.52% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Washburn, Tennessee
In Washburn, 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 Grainger County Assessment Office 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 Washburn, 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 highest median tax bill in Washburn is $520 in the 37888 zip code, while the lowest median tax bill is also $520 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Washburn Assessed Value
$96,900
Average Grainger County Assessed Value
$110,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Washburn, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37888 | $30,610 | $54,250 | $96,900 | $153,900 | $222,770 |
Source: Ownwell
Property Tax Bills Across Washburn, Tennessee
In Washburn, TN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is typically a percentage of your property's market value, which in Washburn has a median home price of $96,900. Local taxing authorities then apply the tax rate to this assessed value to determine your annual tax bill. Several factors influence your tax bill, including property size, location, and improvements made to the home. For instance, tax bills in Washburn range from the 25th percentile at $262 to the 90th percentile at $1,304, indicating a significant variation based on these factors. Homeowners in Washburn should be aware that their property taxes can impact their overall financial planning. With the national median property tax rate at 0.99%, understanding how local rates compare can help homeowners budget more effectively and potentially seek exemptions or appeals if they believe their property has been over-assessed.
Average Washburn Tax Bill
$520
Average Grainger County Tax Bill
$597
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Washburn, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37888 | $94 | $262 | $520 | $894 | $1,304 |
Source: Ownwell