Centerville, Tennessee Property Taxes
The median property tax rate in Centerville, TN is 0.57%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Centerville at $74,600, the typical annual property tax bill reaches $428, significantly below the national median of $2,690. Property taxes in Centerville 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 Centerville'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 Centerville or another part of Perry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Centerville, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$425
Ownwell’s Centerville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Centerville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Centerville 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 Centerville, Tennessee
Property taxes in Centerville, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Centerville is 0.57%, which is below the U.S. national median of 0.99%. Local government entities within Centerville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Centerville 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 Centerville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37033 zip code has both the highest and lowest median property tax rate of 0.57%. Understanding how these cities compare with Centerville provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Centerville Tax Rate
0.57%
Average Perry County Tax Rate
0.57%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Centerville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37033 | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Centerville, Tennessee
In Centerville, 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 Perry County Assessor 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. The median home price in Centerville is $74,600, with tax bills ranging from $317 at the 25th percentile to $694 at the 90th percentile. The highest and lowest median tax bills are both $428 in the 37033 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Centerville Assessed Value
$74,600
Average Perry County Assessed Value
$74,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Centerville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37033 | $40,560 | $55,275 | $74,600 | $91,725 | $120,860 |
Source: Ownwell
Property Tax Bills Across Centerville, Tennessee
In Centerville, Perry County, TN, property tax bills are calculated based on the assessed value of a home. The assessment process involves determining the market value of the property, which is then multiplied by an assessment ratio set by the state. This assessed value is then subjected to the local tax rate to calculate the property tax bill. For instance, with a median home price of $74,600, homeowners can expect tax bills to vary significantly. At the 25th percentile, the tax bill is approximately $317, while at the 75th percentile, it rises to about $527, and at the 90th percentile, it can reach up to $694. These tax bills are crucial for homeowners as they directly impact annual expenses and the overall cost of homeownership. Compared to the national median property tax rate of 0.99%, the specific rates in Centerville may offer a more affordable option, making it an attractive area for potential homeowners. Understanding these factors helps residents anticipate their financial obligations and plan accordingly.
Average Centerville Tax Bill
$428
Average Perry County Tax Bill
$432
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Centerville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37033 | $233 | $317 | $428 | $527 | $694 |
Source: Ownwell