Smyrna, Tennessee Property Taxes
The median property tax rate in Smyrna, TN is 0.60%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Smyrna at $306,400, the typical annual property tax bill amounts to $1,808, significantly below the national median of $2,690. Property taxes in Smyrna 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 Smyrna'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 Smyrna or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smyrna, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Smyrna Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smyrna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smyrna 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 Rutherford County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Smyrna, Tennessee
Property taxes in Smyrna, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smyrna is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Smyrna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smyrna 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 Smyrna's effective property tax rate to other areas in Rutherford County and the national median. For comparison, the zip code 37167 has the highest median property tax rate of 0.60%, while also having the lowest median tax rate of 0.60%. Understanding how these rates compare with Smyrna provides valuable insights into the varying tax landscape across Rutherford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smyrna Tax Rate
0.60%
Average Rutherford County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smyrna, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37167 | 0.47% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Smyrna, Tennessee
In Smyrna, 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 Rutherford County Assessor of Property 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 Smyrna, 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 Smyrna helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both found in the 37167 zip code, with a median tax bill of $1,808.
Average Smyrna Assessed Value
$306,400
Average Rutherford County Assessed Value
$316,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smyrna, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37167 | $211,100 | $251,500 | $306,400 | $381,100 | $458,240 |
Source: Ownwell
Property Tax Bills Across Smyrna, Tennessee
In Smyrna, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Rutherford County, where Smyrna is located, experience a range of property tax bills. For instance, the tax bill for the 25th percentile is $1,484, while the 75th percentile sees a bill of $2,252, and the 90th percentile faces $2,663. These figures highlight the variability in property tax obligations depending on the property's assessed value. The median home price in Smyrna is $306,400, which influences the overall tax bill. Homeowners in the zip code 37167 encounter a median tax bill of $1,808, which aligns closely with the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial obligations and manage their budgets effectively. Accurate assessment and awareness of local tax rates are crucial for property owners in Smyrna to plan accordingly.
Average Smyrna Tax Bill
$1,808
Average Rutherford County Tax Bill
$1,892
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Smyrna, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37167 | $1,205 | $1,484 | $1,808 | $2,252 | $2,663 |
Source: Ownwell