Mt Carmel, Tennessee Property Taxes
The median property tax rate in MT CARMEL, TN is 0.93%, slightly below the national median of 0.99% but significantly higher than the Tennessee state median of 0.64%. With the median home value in MT CARMEL, the typical annual property tax bill reaches $149, which is much lower than the national median of $2,690. Property taxes in MT CARMEL are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding MT CARMEL'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 MT CARMEL 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
Mt Carmel, 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 MT CARMEL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MT CARMEL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MT CARMEL 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 Mt Carmel, Tennessee
Property taxes in Mt. Carmel, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mt. Carmel is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Mt. Carmel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mt. Carmel 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 Mt. Carmel's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37645 has both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Mt. Carmel provides valuable insights into the varying tax landscape across Hawkins County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mt Carmel Tax Rate
0.93%
Average Hawkins County Tax Rate
0.58%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mt Carmel, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37645 | 0.90% | 0.92% | 0.93% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Mt Carmel, Tennessee
In MT CARMEL, 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 Hawkins County 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 MT CARMEL, 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 MT CARMEL helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bills is 37645, with a median tax bill of $149.
Average Mt Carmel Assessed Value
$16,000
Average Hawkins County Assessed Value
$69,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mt Carmel, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37645 | $2,200 | $7,700 | $16,000 | $22,500 | $47,500 |
Source: Ownwell
Property Tax Bills Across Mt Carmel, Tennessee
In MT CARMEL, TN, property tax bills are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, determined by the local assessor's office. Factors such as property size, location, and improvements can influence this assessed value. For example, the median home price in MT CARMEL is $16,000. Homeowners in MT CARMEL experience a range of property tax bills. The 25th percentile tax bill is $51, while the 75th percentile tax bill is $208, and the 90th percentile tax bill can go up to $440. These variations highlight how different property characteristics and valuations affect individual tax obligations. Comparatively, the national median property tax rate is 0.99%, which can provide a benchmark for understanding local tax burdens. Homeowners need to be aware of these factors as they directly impact their annual expenses and the affordability of homeownership in MT CARMEL.
Average Mt Carmel Tax Bill
$149
Average Hawkins County Tax Bill
$448
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mt Carmel, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37645 | $21 | $51 | $149 | $208 | $440 |
Source: Ownwell