Bloomington Springs, Tennessee Property Taxes
The median property tax rate in Bloomington Springs, TN is 0.56%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Bloomington Springs at $104,700, the typical annual property tax bill is $573, well below the national median of $2,690. Property taxes in Bloomington Springs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bloomington Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Bloomington Springs 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
Bloomington Springs, 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 Bloomington Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomington Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomington Springs 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 Bloomington Springs, Tennessee
Property taxes in Bloomington Springs, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomington Springs is 0.56%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Bloomington Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomington Springs 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 Bloomington Springs' effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38545 has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Bloomington Springs provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomington Springs Tax Rate
0.56%
Average Jackson County Tax Rate
0.56%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomington Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38545 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Bloomington Springs, Tennessee
In Bloomington Springs, 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 Jackson County Assessor's Office 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 Bloomington Springs, 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 Bloomington Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $573.00 in the 38545 zip code, reflecting the localized nature of property taxes in this area.
Property Tax Assessment Values Across Bloomington Springs, Tennessee
Source: Ownwell
$57,700
$134,900
$212,100
Average Bloomington Springs Assessed Value
$104,700
Average Jackson County Assessed Value
$100,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomington Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38545 | $34,580 | $62,800 | $104,700 | $161,400 | $225,180 |
Source: Ownwell
Property Tax Bills Across Bloomington Springs, Tennessee
In Bloomington Springs, located in Jackson County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in this area experience a range of tax bills, with the 25th percentile at $302 and the 75th percentile at $872. The 90th percentile tax bill reaches up to $1,236, reflecting the variability in property values and tax rates within the city. The median home price in Bloomington Springs is $104,700, and the median property tax bill is $573. This rate is significantly lower than the national median property tax rate of 0.99%, making it an appealing area for homeowners looking for lower property tax obligations. Factors such as property improvements, neighborhood developments, and changes in market conditions can affect the assessed value, thereby influencing the overall tax bill. Homeowners must stay informed about these factors to anticipate changes in their annual property tax obligations.
Average Bloomington Springs Tax Bill
$573
Average Jackson County Tax Bill
$548
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomington Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38545 | $149 | $302 | $573 | $872 | $1,236 |
Source: Ownwell