Somerville, Tennessee Property Taxes
The median property tax rate in Somerville, TN is 0.69%, which is higher than the state median of 0.64% but lower than the national median of 0.99%. With a median home value of $104,050 in Somerville, the typical annual property tax bill is $708, significantly below the national median of $2,690. Property taxes in Somerville are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. By understanding Somerville's property tax system and exploring available exemptions, homeowners and real estate investors can identify opportunities for substantial annual savings. Whether you're living in Somerville or investing in its real estate, a clear grasp of the local property tax system is essential for financial planning and maximizing returns.
Last Updated June 14, 2024
Somerville, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$718
Ownwell’s Somerville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somerville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerville 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 Somerville, Tennessee
Property taxes in Somerville, Tennessee, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerville is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Somerville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerville 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. Understanding how these cities compare with Somerville provides valuable insights into the varying tax landscape across Haywood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Somerville Tax Rate
0.69%
Average Haywood County Tax Rate
1.06%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somerville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38068 | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Somerville, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Somerville, 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 Haywood 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 Somerville, 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. The median home price in Somerville is $104,050, with tax bills ranging from $502 at the 25th percentile to $2,615 at the 90th percentile. The zip code 38068 has both the highest and lowest median tax bill at $708. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Somerville Assessed Value
$104,050
Average Haywood County Assessed Value
$76,350
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Somerville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38068 | $56,120 | $74,950 | $104,050 | $131,175 | $357,260 |
Source: Ownwell
Property Tax Bills Across Somerville, Tennessee
In Somerville, TN, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is typically a percentage of the property's market value, and this percentage can vary by state and locality. For homeowners in Somerville, the median home price is $104,050. Property tax rates in this area can result in varying tax bills. For instance, at the 25th percentile, homeowners might pay around $502, while those at the 75th percentile could see bills closer to $895. At the higher end, the 90th percentile tax bill can reach up to $2,615. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Somerville's property tax rates reflect the local economic conditions and public service needs. Homeowners should be aware of these factors as they directly influence their annual tax obligations and overall cost of homeownership in the area.
Average Somerville Tax Bill
$708
Average Haywood County Tax Bill
$746
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38068 | $378 | $502 | $708 | $895 | $2,615 |
Source: Ownwell