Buchanan, Tennessee Property Taxes
The median property tax rate in Buchanan, TN is 0.47%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Buchanan at $105,800, the typical annual property tax bill reaches $500, significantly below the national median of $2,690. Property taxes in Buchanan 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 Buchanan'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 Buchanan or another part of Henry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buchanan, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$497
Ownwell’s Buchanan Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Buchanan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buchanan to provide an estimate of your property tax bill. This valuable tool offers insight into potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available. Your property’s assessed value, determined by the county, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Buchanan, Tennessee
Property taxes in Buchanan, Tennessee, are crucial for funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Buchanan is 0.47%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Buchanan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buchanan 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 Buchanan's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38222 zip code has the highest median property tax rate of 0.47%, while the 38222 zip code also has the lowest median tax rate of 0.47%. Understanding how these cities compare with Buchanan provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buchanan Tax Rate
0.47%
Average Henry County Tax Rate
0.47%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buchanan, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38222 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Buchanan, Tennessee
In Buchanan, 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 Henry 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 Buchanan, 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 Buchanan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38222 has both the highest and lowest median tax bills at $500.
Average Buchanan Assessed Value
$105,800
Average Henry County Assessed Value
$86,700
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buchanan, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38222 | $30,200 | $54,350 | $105,800 | $192,100 | $313,000 |
Source: Ownwell
Property Tax Bills Across Buchanan, Tennessee
In Buchanan, located in Henry County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value determined by the county assessor. Homeowners in Buchanan experience property tax bills that can vary significantly. For instance, the 25th percentile of tax bills is around $257, while the 75th percentile reaches $909, and the 90th percentile can be as high as $1485. This variation is influenced by factors such as property size, location, and improvements made to the property. Homeowners in Buchanan face a median home price of $105,800, which is relatively affordable compared to national figures. The property tax rate in Buchanan is reflected in the median tax bill of $500, which aligns with the lowest and highest median tax bills recorded in the 38222 zip code. Understanding these factors helps homeowners anticipate their property tax obligations and budget accordingly.
Average Buchanan Tax Bill
$500
Average Henry County Tax Bill
$449
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Buchanan, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38222 | $143 | $257 | $500 | $909 | $1,485 |
Source: Ownwell