Sewanee, Tennessee Property Taxes
The median property tax rate in Sewanee, TN is 0.44%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Sewanee at $50,500, the typical annual property tax bill is $222, well below the national median of $2,690. Property taxes in Sewanee are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sewanee'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 Sewanee or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sewanee, 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 Sewanee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sewanee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sewanee 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 Sewanee, Tennessee
Property taxes in Sewanee, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sewanee is 0.44%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Sewanee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sewanee 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 Sewanee's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37375 zip code has both the highest and lowest median property tax rate of 0.44%. Understanding how these areas compare with Sewanee provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sewanee Tax Rate
0.44%
Average Marion County Tax Rate
0.44%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sewanee, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37375 | 0.44% | 0.44% | 0.44% | 0.44% | 0.44% |
Source: Ownwell
Property Tax Assessment Values Across Sewanee, Tennessee
In Sewanee, 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 Marion 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 Sewanee, 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 Sewanee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 37375 has the highest and lowest median tax bill at $222.
Average Sewanee Assessed Value
$50,500
Average Marion County Assessed Value
$88,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sewanee, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37375 | $23,200 | $36,300 | $50,500 | $125,000 | $255,180 |
Source: Ownwell
Property Tax Bills Across Sewanee, Tennessee
In Sewanee, located in Marion County, TN, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. For homeowners in Sewanee, the median home price is $50,500. Property tax rates in this region are relatively low compared to the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can influence the assessed value and, consequently, the tax bill. The tax bill can vary significantly among homeowners; for instance, the 25th percentile tax bill is $162, while the 75th percentile tax bill is $550. Those at the 90th percentile see tax bills as high as $1,123. These tax bills reflect the financial responsibility homeowners have towards local services and infrastructure. Understanding how these factors interplay can help homeowners better anticipate their annual property tax obligations.
Average Sewanee Tax Bill
$222
Average Marion County Tax Bill
$420
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Sewanee, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37375 | $102 | $162 | $222 | $550 | $1,123 |
Source: Ownwell