Tazewell, Tennessee Property Taxes
The median property tax rate in Tazewell, TN is 0.49%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Tazewell at $45,800, the typical annual property tax bill is $226, well below the national median of $2,690. Property taxes in Tazewell 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 Tazewell'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 Tazewell 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
Tazewell, 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 Tazewell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tazewell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tazewell 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 Tazewell, Tennessee
Property taxes in Tazewell, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tazewell is 0.49%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Tazewell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tazewell 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 Tazewell's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37879 zip code has both the highest and lowest median property tax rate of 0.49%. Understanding how these cities compare with Tazewell provides valuable insights into the varying tax landscape across Claiborne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tazewell Tax Rate
0.49%
Average Hamblen County Tax Rate
0.49%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tazewell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37879 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Tazewell, Tennessee
In Tazewell, 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. In Tazewell, 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 Tazewell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Tazewell are both $226, found in the zip code 37879.
Average Tazewell Assessed Value
$45,800
Average Hamblen County Assessed Value
$105,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tazewell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37879 | $45,800 | $45,800 | $45,800 | $45,800 | $45,800 |
Source: Ownwell
Property Tax Bills Across Tazewell, Tennessee
In Tazewell, located in Hamblen County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $45,800 in Tazewell, homeowners can expect property tax bills around $226, as indicated by the 25th, 75th, and 90th percentiles. Several factors contribute to the tax bill, including the property's market value, assessment ratio, and the local tax rate. The consistency in tax bills across different percentiles suggests a relatively uniform application of these factors. Compared to the national median property tax rate of 0.99%, Tazewell's property taxes are notably lower, providing significant savings for homeowners. This lower tax burden can make homeownership more affordable and attractive in Tazewell, potentially boosting the local real estate market and benefiting the community overall.
Average Tazewell Tax Bill
$226
Average Hamblen County Tax Bill
$619
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Tazewell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37879 | $226 | $226 | $226 | $226 | $226 |
Source: Ownwell