Prescott, Tennessee Property Taxes
The median property tax rate in Prescott, TN is 0.63%, slightly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Prescott at $22,900, the typical annual property tax bill is $144, well below the national median of $2,690. Property taxes in Prescott are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Prescott'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 Prescott 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
Prescott, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$144
Ownwell’s Prescott Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Prescott. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Prescott to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities with ease. For those interested in more detailed insights, you can explore trends and localized information at the neighborhood level by scrolling down. Your property’s assessed value, determined by the county, forms the basis for property tax calculations and incorporates any applicable exemptions.
Property Tax Rates Across Prescott, Tennessee
Property taxes in Prescott, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prescott is 0.63%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Prescott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prescott 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 Prescott's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 48756 zip code has the highest median property tax rate of 0.63%, while the 48756 zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Prescott 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 Prescott 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 Prescott, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48756 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Prescott, Tennessee
In Prescott, 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 Polk County 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 Prescott, 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 Prescott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $144, located in the 48756 zip code.
Average Prescott Assessed Value
$22,900
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 Prescott, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48756 | $22,900 | $22,900 | $22,900 | $22,900 | $22,900 |
Source: Ownwell
Property Tax Bills Across Prescott, Tennessee
In Prescott, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Factors such as property size, location, and any improvements made to the property can influence its assessed value. Homeowners in Prescott can expect their tax bills to be relatively low compared to the national median property tax rate of 0.99%. The median home price in Prescott is $22,900, and the median tax bill is consistently $144 across various percentiles. This uniformity indicates a stable and predictable property tax environment for homeowners. Such predictability can be beneficial for financial planning, making it easier for homeowners to budget for their annual expenses. Overall, understanding how property tax bills are calculated can help homeowners in Prescott manage their finances more effectively and avoid any unexpected surprises.
Average Prescott Tax Bill
$144
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Prescott, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48756 | $144 | $144 | $144 | $144 | $144 |
Source: Ownwell