Strawberry Plains, Tennessee Property Taxes
The median property tax rate in Strawberry Plains, TN is 0.39%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Strawberry Plains, the typical annual property tax bill reaches $685, which is well below the national median of $2,690. Property taxes in Strawberry Plains are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Strawberry Plains' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Strawberry Plains 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
Strawberry Plains, 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 Strawberry Plains Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Strawberry Plains with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Strawberry Plains to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by Knox County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Strawberry Plains, Tennessee
Property taxes in Strawberry Plains, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Strawberry Plains is 0.39%, which is significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Strawberry Plains set these rates annually, and they can vary significantly across different neighborhoods. Each year, Strawberry Plains 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 Strawberry Plains' effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest median property tax rate in Tennessee is 0.68%, while the lowest median tax rate is 0.34%. Understanding how these cities compare with Strawberry Plains 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 Strawberry Plains 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 Strawberry Plains, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37871 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Strawberry Plains, Tennessee
In Strawberry Plains, 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 Strawberry Plains, 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. For instance, in zip code 37871, the median tax bill is $685. 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 Strawberry Plains helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Strawberry Plains, Tennessee
Source: Ownwell
$93,700
$283,700
$473,700
Average Strawberry Plains Assessed Value
$176,750
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 Strawberry Plains, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37871 | $53,560 | $95,700 | $176,750 | $278,625 | $411,090 |
Source: Ownwell
Property Tax Bills Across Strawberry Plains, Tennessee
Property tax bills in Strawberry Plains, located in Knox County, TN, are calculated based on the assessed value of a property, which is determined by the county assessor's office. This assessed value is a percentage of the property's market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Factors such as property improvements, neighborhood changes, and overall market conditions can influence the assessed value. For homeowners in Strawberry Plains, the median home price is $176,750. Property tax bills can vary significantly, with the 25th percentile tax bill at $364 and the 75th percentile at $1082. At the 90th percentile, the tax bill reaches $1598. The highest and lowest median tax bills in the area are both $685, specifically in the 37871 zip code. Compared to the national median property tax rate of 0.99%, the property tax rates in Strawberry Plains offer a more affordable option for homeowners, impacting their overall cost of living positively.
Average Strawberry Plains Tax Bill
$685
Average Knox County Tax Bill
$1,143
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Strawberry Plains, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37871 | $214 | $364 | $685 | $1,082 | $1,598 |
Source: Ownwell