Grand Junction, Tennessee Property Taxes
The median property tax rate in Grand Junction, TN is 0.91%, slightly lower than the national median of 0.99% but significantly higher than the Tennessee state median of 0.64%. With the median home value in Grand Junction at $53,900, the typical annual property tax bill amounts to $480, which is below the national median of $2,690. Property taxes in Grand Junction are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Grand Junction'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 Grand Junction 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
Grand Junction, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$490
Ownwell’s Grand Junction Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Junction with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Junction 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 Grand Junction, Tennessee
Property taxes in Grand Junction, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Junction is 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Grand Junction set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Junction 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 Grand Junction's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38039 zip code has the highest median property tax rate of 0.91%, while the 38039 zip code also has the lowest median tax rate of 0.91%. Understanding how these cities compare with Grand Junction provides valuable insights into the varying tax landscape across Hardeman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grand Junction Tax Rate
0.91%
Average Hardeman County Tax Rate
0.89%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Junction, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38039 | 0.71% | 0.79% | 0.91% | 1.06% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Grand Junction, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Grand Junction, Tennessee. 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 Hardeman 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 Grand Junction, 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 Grand Junction helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in the area is $480, with the zip code 38039 having both the highest and lowest median tax bills at $480.
Average Grand Junction Assessed Value
$53,900
Average Hardeman County Assessed Value
$64,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grand Junction, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38039 | $15,400 | $30,000 | $53,900 | $80,600 | $131,700 |
Source: Ownwell
Property Tax Bills Across Grand Junction, Tennessee
In Grand Junction, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. For a median home price of $53,900, the tax bill can vary significantly. Factors such as property location, improvements, and local tax rates are considered. Homeowners in Grand Junction can expect tax bills that range from $304 at the 25th percentile to $1,021 at the 90th percentile. The median tax bill stands at $480, which is relatively lower compared to the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable in Grand Junction, but it also means that local services funded by property taxes may receive less revenue. Understanding how these factors influence your tax bill can help you plan better for annual expenses and make informed decisions about property investments.
Average Grand Junction Tax Bill
$480
Average Hardeman County Tax Bill
$587
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Junction, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38039 | $214 | $304 | $480 | $698 | $1,021 |
Source: Ownwell