Whitwell, Tennessee Property Taxes
The median property tax rate in Whitwell, TN is 0.44%, significantly lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With the median home value in Whitwell at $77,000, the typical annual property tax bill reaches $375, far below the national median of $2,690. Property taxes in Whitwell 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 Whitwell'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 Whitwell 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
Whitwell, 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 Whitwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Whitwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Whitwell 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 Whitwell, Tennessee
Property taxes in Whitwell, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Whitwell is 0.44%, which is significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Whitwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Whitwell 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 Whitwell's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37397 zip code has the highest median property tax rate of 0.44%, while the same zip code also has the lowest median tax rate of 0.44%. Understanding how these cities compare with Whitwell 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 Whitwell 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 Whitwell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37397 | 0.44% | 0.44% | 0.44% | 0.44% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Whitwell, Tennessee
In Whitwell, 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 Assessor 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 Whitwell, 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 Whitwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Whitwell is $77,000, with tax bills ranging from $120 at the 25th percentile to $1,013 at the 90th percentile. The highest and lowest median tax bills are both $375 in the 37397 zip code.
Average Whitwell Assessed Value
$77,000
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 Whitwell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37397 | $12,200 | $26,300 | $77,000 | $137,300 | $211,400 |
Source: Ownwell
Property Tax Bills Across Whitwell, Tennessee
In Whitwell, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $77,000, the assessed value is determined by local assessment ratios. The tax rate is then applied to this assessed value to calculate the annual tax bill. Factors such as property location, improvements, and exemptions can influence this assessed value. Homeowners in Whitwell experience a range of property tax bills. At the 25th percentile, the tax bill is around $120, while at the 75th percentile, it reaches approximately $654. For those at the 90th percentile, the tax bill can be as high as $1,013. Despite these variations, the highest and lowest median tax bills in the area are notably the same at $375, reflecting a consistent approach within the zip code 37397. Compared to the national median property tax rate of 0.99%, Whitwell's property tax rates can be considered relatively modest, which can be a financial relief for homeowners.
Average Whitwell Tax Bill
$375
Average Marion County Tax Bill
$420
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Whitwell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37397 | $59 | $120 | $375 | $654 | $1,013 |
Source: Ownwell