Gainesboro, Tennessee Property Taxes
The median property tax rate in Gainesboro, TN is 0.56%, significantly lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With a median home value of $94,800 in Gainesboro, the typical annual property tax bill is about $519, which is well below the national median of $2,690. Property taxes in Gainesboro are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Gainesboro's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Gainesboro or another part of Jackson County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gainesboro, 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 Gainesboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gainesboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gainesboro 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 Gainesboro, Tennessee
Property taxes in Gainesboro, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gainesboro is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Gainesboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gainesboro 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 Gainesboro's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38562 zip code has the highest median property tax rate of 0.56%, while the 38562 zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Gainesboro 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 Gainesboro 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 Gainesboro, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38562 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Gainesboro, Tennessee
In Gainesboro, 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 local appraisal authorities 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 Gainesboro, 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. Gainesboro's property tax bills range significantly, with the 25th percentile tax bill at $286 and the 75th percentile at $808. The highest median tax bill is $519 in the 38562 zip code, which also happens to have the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities to protest assessments or apply for exemptions to manage their tax burden effectively.
Average Gainesboro Assessed Value
$94,800
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 Gainesboro, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38562 | $31,200 | $56,400 | $94,800 | $145,800 | $211,020 |
Source: Ownwell
Property Tax Bills Across Gainesboro, Tennessee
In Gainesboro, Jackson County, TN, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the property's market value. The median home price in Gainesboro is $94,800. Homeowners can expect their property tax bills to vary, with the 25th percentile tax bill at $286 and the 75th percentile tax bill at $808. For those in the 90th percentile, the tax bill can reach up to $1,167. The tax rate applied to the assessed value determines the final tax bill. Factors such as local government budgets, school funding, and public services influence the tax rate. Compared to the national median property tax rate of 0.99%, Gainesboro's property taxes are relatively moderate, making it a potentially attractive location for homeowners looking for lower property tax burdens. The consistency in the highest and lowest median tax bills, both recorded at $519 for the zip code 38562, reflects a stable property tax environment in the area.
Average Gainesboro Tax Bill
$519
Average Jackson County Tax Bill
$548
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Gainesboro, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38562 | $124 | $286 | $519 | $808 | $1,167 |
Source: Ownwell