Baneberry, Tennessee Property Taxes
The median property tax rate in Baneberry, TN is 0.75%, which is lower than the national median of 0.99% but higher than the Tennessee state median of 0.64%. With the median home value in Baneberry at $361,100, the typical annual property tax bill reaches $2,721, slightly below the national median of $2,690. Property taxes in Baneberry are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Baneberry'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 Baneberry or another part of Jefferson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Baneberry, 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 Baneberry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Baneberry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Baneberry 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 Baneberry, Tennessee
Property taxes in Baneberry, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Baneberry is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Baneberry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Baneberry 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 Baneberry's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37890 has both the highest and the lowest median property tax rate of 0.75%. Understanding how these cities compare with Baneberry provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Baneberry Tax Rate
0.75%
Average Jefferson County Tax Rate
0.55%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Baneberry, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37890 | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Baneberry, Tennessee
In Baneberry, 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 Jefferson 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 Baneberry, 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 Baneberry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Baneberry is 37890, with a median tax bill of $2,721.
Average Baneberry Assessed Value
$361,100
Average Jefferson County Assessed Value
$119,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Baneberry, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37890 | $346,240 | $347,500 | $361,100 | $392,975 | $427,130 |
Source: Ownwell
Property Tax Bills Across Baneberry, Tennessee
Property tax bills in Baneberry, Jefferson County, TN, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Baneberry, the median home price is $361,100, and tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $2,618, while at the 90th percentile, it reaches $3,219. Factors influencing the tax bill include the property's market value, any applicable exemptions, and the local tax rate. These taxes fund essential public services such as schools, emergency services, and infrastructure. Homeowners in Baneberry with properties in the highest median tax bill zip code, 37890, see an average tax bill of $2,721. This tax burden can impact homeowners' budgets, influencing their financial planning and potentially affecting property values in the area.
Average Baneberry Tax Bill
$2,721
Average Jefferson County Tax Bill
$726
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Baneberry, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37890 | $2,609 | $2,618 | $2,721 | $2,962 | $3,219 |
Source: Ownwell