Southside, Tennessee Property Taxes
The median property tax rate in Southside, TN is 0.75%, which is lower than the national median of 0.99% but higher than Tennessee's state median of 0.64%. With the median home value in Southside at $177,700, the typical annual property tax bill is $1,290, falling below the national median of $2,690. Property taxes in Southside are calculated based on the assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Southside'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 Southside 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
Southside, 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 Southside Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Southside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Southside 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 Southside, Tennessee
Property taxes in Southside, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Southside is 0.75%, lower than the U.S. national median of 0.99%. Local government entities within Southside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Southside 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 Southside's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37171 zip code has the highest median property tax rate of 0.75%, while the 37171 zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Southside provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Southside Tax Rate
0.75%
Average Montgomery County Tax Rate
1.05%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Southside, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37171 | 0.71% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Southside, Tennessee
In Southside, 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 Montgomery 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 Southside, 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. The median home price in Southside is $177,700, with tax bills ranging from $694 at the 25th percentile to $2,710 at the 90th percentile. The zip code 37171 has both the highest and lowest median tax bill at $1,290. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Southside Assessed Value
$177,700
Average Montgomery County Assessed Value
$172,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Southside, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37171 | $61,250 | $99,300 | $177,700 | $281,400 | $367,210 |
Source: Ownwell
Property Tax Bills Across Southside, Tennessee
In Southside, Montgomery County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the market value of the property. Homeowners in Southside face a median property tax bill that varies significantly, with the 25th percentile at $694 and the 75th percentile reaching $2,059. For those in the 90th percentile, the tax bill can be as high as $2,710. Factors influencing these tax bills include the home’s market value, local tax rates, and any applicable exemptions. For instance, a home with a median price of $177,700 will have its tax calculated based on the assessed value, which is then multiplied by the local tax rate. Compared to the national median property tax rate of 0.99%, Southside's tax bills reflect both the property values and the local tax policies in place. This can have a significant impact on homeowners, affecting their annual financial planning and overall cost of living.
Average Southside Tax Bill
$1,290
Average Montgomery County Tax Bill
$1,610
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Southside, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37171 | $449 | $694 | $1,290 | $2,059 | $2,710 |
Source: Ownwell