Petros, Tennessee Property Taxes
The median property tax rate in Petros, TN is 0.68%, slightly higher than the state median of 0.64% but still below the national median of 0.99%. With a median home value of $43,300, the typical annual property tax bill in Petros is $293, significantly lower than the national median of $2,690. Property taxes in Petros are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Petros'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 Petros or another part of the city, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Petros, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$294
Ownwell’s Petros Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Petros with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petros 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 Petros, Tennessee
Property taxes in Petros, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Petros is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Petros set these rates annually, and they can vary significantly across different neighborhoods. Each year, Petros 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 Petros's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37845 zip code has both the highest and lowest median property tax rate in the region, standing at 0.68%. Understanding how these areas compare with Petros provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Petros Tax Rate
0.68%
Average Morgan County Tax Rate
0.68%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Petros, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37845 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Petros, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Petros, Tennessee. 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 Morgan County 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 Petros helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, in the 37845 zip code, the median tax bill is $293, which is notably lower than the national median property tax rate of 0.99%.
Average Petros Assessed Value
$43,300
Average Morgan County Assessed Value
$87,650
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Petros, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37845 | $12,760 | $25,950 | $43,300 | $71,750 | $153,220 |
Source: Ownwell
Property Tax Bills Across Petros, Tennessee
In Petros, Morgan County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by a percentage of its market value. The median home price in Petros is $43,300. Property taxes are then applied at a rate set by local taxing authorities. Homeowners in Petros can expect their tax bills to vary. For example, those in the 25th percentile pay around $175 annually, while those in the 75th percentile pay approximately $486. The top 10% of taxpayers face bills as high as $1,085. This variability is influenced by factors such as property location, improvements, and market trends. For comparison, the national median property tax rate is 0.99%, highlighting that Petros residents generally benefit from comparatively lower property tax rates. Understanding these factors can help homeowners better anticipate their annual tax obligations and budget accordingly.
Average Petros Tax Bill
$293
Average Morgan County Tax Bill
$603
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Petros, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37845 | $86 | $175 | $293 | $486 | $1,085 |
Source: Ownwell