Laurel Bloomery, Tennessee Property Taxes
The median property tax rate in Laurel Bloomery, TN is 0.45%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Laurel Bloomery at $76,100, the typical annual property tax bill reaches $344, significantly below the national median of $2,690. Property taxes in Laurel Bloomery 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 Laurel Bloomery'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 Laurel Bloomery or another part of Johnson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laurel Bloomery, 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 Laurel Bloomery Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laurel Bloomery with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laurel Bloomery 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 Laurel Bloomery, Tennessee
Property taxes in Laurel Bloomery, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurel Bloomery is 0.45%, significantly lower than the U.S. national median of 0.99%. Local government entities within Laurel Bloomery set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel Bloomery 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 Laurel Bloomery's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37680 has the highest median property tax rate of 0.45%, while the same zip code also has the lowest median tax rate of 0.45%. Understanding how these cities compare with Laurel Bloomery provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laurel Bloomery Tax Rate
0.45%
Average Johnson County Tax Rate
0.45%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laurel Bloomery, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37680 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Laurel Bloomery, Tennessee
In Laurel Bloomery, 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 Johnson 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. Assessment notices in Laurel Bloomery 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 this area is $76,100, with tax bills ranging from $183 at the 25th percentile to $761 at the 90th percentile. The highest and lowest median tax bills are both $344, found in the 37680 zip code. 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 Laurel Bloomery helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Laurel Bloomery, Tennessee
Source: Ownwell
$76,100
$92,600
$109,100
Average Laurel Bloomery Assessed Value
$76,100
Average Johnson County Assessed Value
$99,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laurel Bloomery, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37680 | $14,300 | $40,500 | $76,100 | $115,100 | $167,680 |
Source: Ownwell
Property Tax Bills Across Laurel Bloomery, Tennessee
In Laurel Bloomery, Johnson County, TN, property tax bills are calculated based on the assessed value of a property, which is a fraction of its market value. The local tax rate is applied to this assessed value to determine the tax bill. Factors such as the property's location, size, and condition can influence its assessed value. For homeowners, the tax bill can vary significantly; the 25th percentile tax bill is around $183, while the 75th percentile reaches $521, and the 90th percentile can be as high as $761. The median home price in Laurel Bloomery is $76,100, and homeowners in the region face a median tax bill of $344, which is relatively low compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual property tax obligations and budget accordingly.
Average Laurel Bloomery Tax Bill
$344
Average Johnson County Tax Bill
$480
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurel Bloomery, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37680 | $69 | $183 | $344 | $521 | $761 |
Source: Ownwell