Sunbright, Tennessee Property Taxes
The median property tax rate in Sunbright, TN is 0.68%, slightly higher than the Tennessee state median of 0.64%, yet still below the national median of 0.99%. With a median home value of $88,750 in Sunbright, the typical annual property tax bill comes to $604, which is significantly less than the national median of $2,690. Property taxes in Sunbright are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural use. Understanding Sunbright'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 Sunbright or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sunbright, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$604
Ownwell’s Sunbright Property Tax Bill Calculator enables homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Sunbright with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Sunbright to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in seeing trends at a neighborhood level, more localized information is available below. Your property’s assessed value is the value assigned by Morgan County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Sunbright, Tennessee
Property taxes in SUNBRIGHT, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in SUNBRIGHT is 0.68%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within SUNBRIGHT set these rates annually, and they can vary significantly across different neighborhoods. Each year, SUNBRIGHT 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 SUNBRIGHT's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37872 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with SUNBRIGHT 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 Sunbright 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 Sunbright, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37872 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Sunbright, Tennessee
In SUNBRIGHT, 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 SUNBRIGHT, 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 SUNBRIGHT helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in SUNBRIGHT is 37872, with a median tax bill of $604.
Average Sunbright Assessed Value
$88,750
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 Sunbright, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37872 | $19,100 | $45,850 | $88,750 | $149,925 | $233,930 |
Source: Ownwell
Property Tax Bills Across Sunbright, Tennessee
In Sunbright, Tennessee, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the property tax rate, set by local government authorities, is applied to this value to determine the annual tax bill. Several factors influence this process, including the property's location, size, and condition. For homeowners in Sunbright, the median home price is $88,750, with tax bills ranging from $311 at the 25th percentile to $1,587 at the 90th percentile. The highest median tax bill in the area is $604. Comparatively, this is lower than the national median property tax rate of 0.99%, making Sunbright an attractive location for homeowners looking for lower property taxes. These taxes fund essential local services such as schools, emergency services, and infrastructure, directly affecting the quality of life for residents.
Average Sunbright Tax Bill
$604
Average Morgan County Tax Bill
$603
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Sunbright, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37872 | $130 | $311 | $604 | $1,027 | $1,587 |
Source: Ownwell