Beersheba Springs, Tennessee Property Taxes
The median property tax rate in Beersheba Springs, 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 $67,500 in Beersheba Springs, the typical annual property tax bill is $394, which is significantly less than the national median of $2,690. Property taxes in Beersheba Springs are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Beersheba Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Beersheba Springs or another part of Grundy County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Beersheba Springs, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$398
Ownwell’s Beersheba Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Beersheba Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beersheba Springs 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 Beersheba Springs, Tennessee
Property taxes in Beersheba Springs, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beersheba Springs is 0.59%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Beersheba Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beersheba Springs 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 Beersheba Springs' effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37305 zip code has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these cities compare with Beersheba Springs provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beersheba Springs Tax Rate
0.59%
Average Grundy County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beersheba Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37305 | 0.53% | 0.53% | 0.59% | 0.60% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Beersheba Springs, Tennessee
In Beersheba Springs, 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 Grundy County Assessor 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 Beersheba Springs, 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 Beersheba Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Beersheba Springs is $67,500, with the 25th percentile tax bill at $210 and the 75th percentile at $705. The highest and lowest median tax bills are both $394, found in zip code 37305.
Property Tax Assessment Values Across Beersheba Springs, Tennessee
Source: Ownwell
$47,600
$103,550
$159,500
Average Beersheba Springs Assessed Value
$67,500
Average Grundy County Assessed Value
$82,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beersheba Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37305 | $23,500 | $38,200 | $67,500 | $121,100 | $188,320 |
Source: Ownwell
Property Tax Bills Across Beersheba Springs, Tennessee
In Beersheba Springs, Grundy County, TN, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. Once the assessed value is established, the local tax rate, also known as the millage rate, is applied to calculate the annual tax bill. Factors such as property improvements and market conditions can influence the assessed value, thereby affecting the tax bill. For homeowners in Beersheba Springs, property tax bills can vary significantly. For instance, the 25th percentile tax bill is around $210, while the 75th percentile reaches $705, and the 90th percentile can be as high as $1120. The median home price in this area is $67,500, which is considerably lower than the national median. Understanding these factors is crucial for homeowners as property taxes directly impact their annual expenses. Keeping abreast of local tax rates and assessments can help homeowners manage their finances more effectively.
Average Beersheba Springs Tax Bill
$394
Average Grundy County Tax Bill
$512
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Beersheba Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37305 | $119 | $210 | $394 | $705 | $1,120 |
Source: Ownwell