Sweetwater, Tennessee Property Taxes
The median property tax rate in Sweetwater, TN is 0.56%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Sweetwater, the typical annual property tax bill reaches $768, significantly below the national median of $2,690. Property taxes in Sweetwater 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 Sweetwater'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 Sweetwater 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
Sweetwater, 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 Sweetwater Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sweetwater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sweetwater 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 Monroe County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Sweetwater, Tennessee
Property taxes in Sweetwater, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sweetwater is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Sweetwater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sweetwater 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 Sweetwater's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37874 zip code has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these areas compare with Sweetwater provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sweetwater Tax Rate
0.56%
Average Monroe County Tax Rate
0.56%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sweetwater, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37874 | 0.56% | 0.56% | 0.56% | 0.90% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Sweetwater, Tennessee
In Sweetwater, 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 Monroe 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. 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 Sweetwater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Sweetwater is $105,300, with median tax bills ranging from $459 at the 25th percentile to $1,690 at the 90th percentile.
Average Sweetwater Assessed Value
$105,300
Average Monroe County Assessed Value
$118,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sweetwater, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37874 | $41,280 | $65,800 | $105,300 | $160,100 | $232,300 |
Source: Ownwell
Property Tax Bills Across Sweetwater, Tennessee
In Sweetwater, located in Monroe County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically represents a percentage of the market value of the property. For instance, with a median home price of $105,300, the tax bill can vary significantly depending on specific assessments and exemptions that may apply. Homeowners in Sweetwater can expect their property tax bills to fall within a range, with the 25th percentile being around $459 and the 75th percentile reaching up to $1168. At the 90th percentile, property tax bills can be as high as $1690. The highest and lowest median tax bills in the area are both $768, indicating a relatively consistent tax rate within the 37874 zip code. Compared to the national median property tax rate of 0.99%, Sweetwater's rates can provide a more affordable option for homeowners. However, the exact amount each homeowner pays will depend on the assessed value of their property and any applicable exemptions. This system ensures that property taxes are proportionate to the value of the property, impacting homeowners based on their individual property assessments.
Average Sweetwater Tax Bill
$768
Average Monroe County Tax Bill
$742
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Sweetwater, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37874 | $263 | $459 | $768 | $1,168 | $1,690 |
Source: Ownwell