Cleveland, Tennessee Property Taxes
The median property tax rate in Cleveland, TN is 0.63%, slightly lower than the Tennessee state median of 0.64% and well below the national median of 0.99%. With the median home value in Cleveland at $59,850, the typical annual property tax bill is $377, significantly less than the national median of $2,690. Property taxes in Cleveland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cleveland'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 Cleveland 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
Cleveland, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$377
Ownwell’s Cleveland Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Cleveland. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Cleveland to provide an accurate property tax bill estimate. This valuable resource helps you gauge potential tax liabilities effectively. For those interested in more detailed insights, including neighborhood-level trends, additional localized information is available as you scroll down. Remember, your property’s assessed value is determined by the county for tax calculations and may include applicable exemptions.
Property Tax Rates Across Cleveland, Tennessee
Property taxes in Cleveland, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cleveland is 0.63%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Cleveland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cleveland 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 Cleveland's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37311 zip code has the highest median property tax rate of 0.63%, while the 37323 zip code has the lowest median tax rate of 0.63%. Understanding how these areas compare with Cleveland provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cleveland Tax Rate
0.63%
Average Polk County Tax Rate
0.63%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cleveland, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37311 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
| 37312 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
| 37323 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Cleveland, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cleveland, 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 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. Assessment notices in Cleveland 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. Cleveland's highest median tax bill is $826 in the 37312 zip code, while the lowest median tax bill is $212 in the 37311 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 Cleveland Assessed Value
$59,850
Average Polk County Assessed Value
$48,850
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cleveland, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37311 | $5,080 | $6,700 | $33,800 | $105,350 | $186,980 |
| 37312 | $10,580 | $16,800 | $56,200 | $270,600 | $299,800 |
| 37323 | $15,300 | $27,200 | $61,300 | $102,200 | $185,300 |
Source: Ownwell
Property Tax Bills Across Cleveland, Tennessee
Property tax bills in Cleveland, Polk County, TN are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is a percentage of the property's market value, which is established by the county assessor. In Cleveland, the median home price is $59,850. Homeowners in this area can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $147, while at the 75th percentile, it rises to $689. At the higher end, the 90th percentile tax bill reaches $1,516. The highest median tax bill recorded in Cleveland is $826 in the 37312 zip code, whereas the lowest median tax bill is $212 in the 37311 zip code. These variations in tax bills can affect homeowners differently, depending on the assessed value of their homes and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Cleveland’s property tax rates offer a relatively wide range, impacting homeowners' financial planning and overall cost of living.
Average Cleveland Tax Bill
$377
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Cleveland, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37311 | $32 | $42 | $212 | $662 | $1,174 |
| 37312 | $64 | $91 | $826 | $1,790 | $1,884 |
| 37323 | $96 | $171 | $385 | $642 | $1,164 |
Source: Ownwell