Columbia, Tennessee Property Taxes
The median property tax rate in Columbia, TN is 0.45%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Columbia at $204,400, the typical annual property tax bill amounts to $934, which is well below the national median of $2,690. Property taxes in Columbia 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 Columbia'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 Columbia or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Columbia, 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 Columbia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Columbia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Columbia 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 Columbia, Tennessee
Property taxes in Columbia, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Columbia is 0.45%, which is lower than the U.S. national median of 0.99%. Local government entities within Columbia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Columbia 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 Columbia's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38401 zip code has the highest median property tax rate of 0.45%, while the 38401 zip code also has the lowest median tax rate of 0.45%. Understanding how these cities compare with Columbia provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Columbia Tax Rate
0.45%
Average Marshall County Tax Rate
0.45%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Columbia, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38401 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Columbia, Tennessee
In Columbia, 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 Marshall 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 Columbia, 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 Columbia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest and lowest median tax bill in Columbia is 38401, with a median tax bill of $934.
Average Columbia Assessed Value
$204,400
Average Marshall County Assessed Value
$204,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Columbia, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38401 | $80,800 | $145,550 | $204,400 | $270,750 | $425,500 |
Source: Ownwell
Property Tax Bills Across Columbia, Tennessee
In Columbia, Tennessee, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local property tax rate is then applied to this assessed value. For homeowners in Columbia, the median home price is $204,400, and property tax bills can vary significantly. At the 25th percentile, homeowners pay around $666, while those at the 75th percentile see bills closer to $1,230. The 90th percentile of tax bills reaches up to $1,913, reflecting the disparities in property values and assessments. The highest and lowest median tax bills in Columbia are both $934, indicating a uniformity in the assessed values within certain areas. Compared to the national median property tax rate of 0.99%, Columbia's property taxes can be considered relatively moderate. These tax bills impact homeowners by influencing their annual budget and the overall affordability of homeownership in the region. Understanding these factors can help residents plan better and potentially seek exemptions or appeals to manage their expenses effectively.
Average Columbia Tax Bill
$934
Average Marshall County Tax Bill
$1,145
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Columbia, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38401 | $405 | $666 | $934 | $1,230 | $1,913 |
Source: Ownwell