Mascot, Tennessee Property Taxes
The median property tax rate in Mascot, TN is 0.39%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Mascot, the typical annual property tax bill reaches $543, well below the national median of $2,690. Property taxes in Mascot 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 Mascot'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 Mascot or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mascot, 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 MASCOT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MASCOT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MASCOT 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 Mascot, Tennessee
Property taxes in Mascot, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mascot is 0.39%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Mascot set these rates annually, and they can vary across different neighborhoods. Each year, Mascot 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 Mascot's effective property tax rate to other counties in Tennessee and the national median. Understanding how these cities compare with Mascot provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mascot Tax Rate
0.39%
Average Knox County Tax Rate
0.39%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mascot, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37806 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Mascot, Tennessee
In Mascot, 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 Knox 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 Mascot, 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 Mascot 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 found in the 37806 zip code, standing at $543.
Average Mascot Assessed Value
$138,950
Average Knox County Assessed Value
$222,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mascot, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37806 | $46,500 | $78,300 | $138,950 | $211,400 | $304,750 |
Source: Ownwell
Property Tax Bills Across Mascot, Tennessee
Property tax bills in Mascot, located in Knox County, TN, are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's market value, assessment ratio, and the local tax rate. For instance, homeowners in Mascot with a median home price of $138,950 can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $304, while the 75th percentile reaches $819, and at the 90th percentile, it can go up to $1,169. These figures show how property taxes can impact homeowners differently based on their property's assessed value. The highest and lowest median tax bill in the area is $543, which also falls within the zip code 37806. Understanding these factors can help homeowners better anticipate their property tax obligations and plan accordingly.
Average Mascot Tax Bill
$543
Average Knox County Tax Bill
$1,143
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mascot, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37806 | $182 | $304 | $543 | $819 | $1,169 |
Source: Ownwell