Spring City, Tennessee Property Taxes
The median property tax rate in Spring City, TN is 0.56%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $120,300 in Spring City, the typical annual property tax bill amounts to $775, well below the national median of $2,690. Property taxes in Spring City 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 Spring City'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 Spring City 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
Spring City, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$674
Ownwell’s Spring City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spring City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spring City 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 Spring City, Tennessee
Property taxes in Spring City, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring City is 0.56%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Spring City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring City 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 Spring City's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37381 zip code has the highest median property tax rate of 0.56%, while the 37381 zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Spring City 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 Spring City Tax Rate
0.56%
Average Rhea County Tax Rate
0.56%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spring City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37381 | 0.56% | 0.56% | 0.56% | 0.57% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Spring City, Tennessee
In Spring City, 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 Spring City, 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 Spring City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $775.00 in zip code 37381, while the lowest median tax bill is also $775.00 in the same zip code.
Average Spring City Assessed Value
$120,300
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 Spring City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37381 | $26,200 | $62,000 | $120,300 | $225,500 | $372,100 |
Source: Ownwell
Property Tax Bills Across Spring City, Tennessee
In Spring City, 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. Homeowners in Spring City, located in Rhea County, typically see tax bills that can vary widely. For instance, the 25th percentile tax bill is around $395, while the 75th percentile tax bill reaches up to $1,388. At the higher end, the 90th percentile tax bill can be as much as $2,180. These figures reflect the variability in property values and the corresponding tax obligations. The median home price in Spring City is $120,300, which influences the overall tax bill. Compared to the national median property tax rate of 0.99%, Spring City's tax rates can significantly impact homeowners, especially those with properties assessed at higher values. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Spring City Tax Bill
$775
Average Rhea County Tax Bill
$668
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Spring City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37381 | $165 | $395 | $775 | $1,388 | $2,180 |
Source: Ownwell