Winchester, Tennessee Property Taxes
The median property tax rate in Winchester, TN is 0.61%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $171,750 in Winchester, the typical annual property tax bill is $1,012, significantly less than the national median of $2,690. Property taxes in Winchester are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Winchester's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Winchester 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
Winchester, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,048
Ownwell’s Winchester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winchester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winchester 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 Winchester, Tennessee
Property taxes in Winchester, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winchester is 0.61%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Winchester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winchester 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 Winchester's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37398 zip code has the highest median property tax rate of 0.61%, while the same 37398 zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Winchester provides valuable insights into the varying tax landscape across Moore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Winchester Tax Rate
0.61%
Average Moore County Tax Rate
0.61%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winchester, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37398 | 0.60% | 0.60% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Winchester, Tennessee
In Winchester, 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 local 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 Winchester, 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 Winchester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Winchester is $171,750, with tax bills ranging from $673 at the 25th percentile to $2,683 at the 90th percentile. The highest and lowest median tax bills in the area are both $1,012 in the 37398 zip code.
Average Winchester Assessed Value
$171,750
Average Moore County Assessed Value
$174,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Winchester, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37398 | $75,730 | $114,900 | $171,750 | $306,525 | $443,420 |
Source: Ownwell
Property Tax Bills Across Winchester, Tennessee
In Winchester, located in Moore County, TN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor's office, which evaluates the property's market value and then applies an assessment ratio. For residential properties in Tennessee, this ratio is typically 25% of the market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For instance, with a median home price of $171,750, homeowners can expect varying tax bills. The 25th percentile tax bill is around $673, while the 75th percentile reaches $1,846. The highest tax bills, in the 90th percentile, can go up to $2,683. The median tax bill in Winchester's zip code 37398 stands at $1,012, which is relatively modest compared to the national median property tax rate of 0.99%. These property taxes significantly impact homeowners by influencing their overall housing costs and financial planning.
Average Winchester Tax Bill
$1,012
Average Moore County Tax Bill
$1,024
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Winchester, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37398 | $453 | $673 | $1,012 | $1,846 | $2,683 |
Source: Ownwell