Graysville, Tennessee Property Taxes
The median property tax rate in Graysville, TN is 0.90%, which is lower than the national median of 0.99% but higher than Tennessee's state median of 0.64%. With a median home value of $33,850 in Graysville, the typical annual property tax bill amounts to $294, significantly below the national median of $2,690. Property taxes in Graysville are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Graysville'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 Graysville or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Graysville, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$305
Ownwell’s Graysville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Graysville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Graysville 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 Graysville, Tennessee
Property taxes in Graysville, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Graysville is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Graysville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Graysville 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 Graysville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37338 zip code has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Graysville provides valuable insights into the varying tax landscape across Rhea County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Graysville Tax Rate
0.90%
Average Rhea County Tax Rate
0.56%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Graysville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37338 | 0.57% | 0.90% | 0.90% | 0.90% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Graysville, Tennessee
In Graysville, 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 Rhea 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 Graysville, 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. The median home price in Graysville is $33,850, and tax bills can vary significantly. For instance, the 25th percentile tax bill is $133, while the 75th percentile tax bill is $580, with the 90th percentile reaching $821. Interestingly, the highest and lowest median tax bills both stand at $294 in the 37338 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Graysville Assessed Value
$33,850
Average Rhea County Assessed Value
$105,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Graysville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37338 | $7,100 | $13,350 | $33,850 | $68,075 | $94,660 |
Source: Ownwell
Property Tax Bills Across Graysville, Tennessee
In Graysville, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Graysville is $33,850, and property taxes are levied accordingly. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property location, improvements, and market conditions play a significant role in determining the assessed value. For homeowners in Graysville, property tax bills can vary widely. The 25th percentile tax bill is $133, while the 75th percentile tax bill reaches $580. At the higher end, the 90th percentile tax bill is $821. Despite these variations, Graysville's median tax bill stands at $294, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable, but it's essential for homeowners to stay informed about how local assessments and tax rates might change over time.
Average Graysville Tax Bill
$294
Average Rhea County Tax Bill
$668
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Graysville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37338 | $79 | $133 | $294 | $580 | $821 |
Source: Ownwell