Cosby, Tennessee Property Taxes
The median property tax rate in Cosby, TN is 0.37%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Cosby, the typical annual property tax bill reaches $220, well below the national median of $2,690. Property taxes in Cosby 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 Cosby'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 Cosby 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
Cosby, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$221
Ownwell’s Cosby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cosby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cosby 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 Cosby, Tennessee
Property taxes in Cosby, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cosby is 0.37%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Cosby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cosby 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 Cosby's effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest median property tax rate in Tennessee is 0.99%, while the lowest median tax rate is 0.37%. Understanding how these cities compare with Cosby provides valuable insights into the varying tax landscape across Sevier County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cosby Tax Rate
0.37%
Average Sevier County Tax Rate
0.37%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cosby, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37722 | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
Source: Ownwell
Property Tax Assessment Values Across Cosby, Tennessee
In Cosby, 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 Sevier 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 Cosby, 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 Cosby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price is $59,600, with tax bills ranging from $96 at the 25th percentile to $725 at the 90th percentile. The highest and lowest median tax bills are both $220 in zip code 37722.
Average Cosby Assessed Value
$59,600
Average Sevier County Assessed Value
$196,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cosby, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37722 | $20,100 | $26,000 | $59,600 | $123,300 | $195,800 |
Source: Ownwell
Property Tax Bills Across Cosby, Tennessee
In Cosby, located in Sevier County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Cosby stands at $59,600. The property tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property location, size, and improvements can influence the assessed value, and consequently, the tax bill. For homeowners in Cosby, the tax bill can vary significantly. At the 25th percentile, the tax bill is around $96, while at the 75th percentile, it rises to $457. The 90th percentile sees tax bills as high as $725. Despite these variations, the highest and lowest median tax bills in the area are both recorded at $220 in the 37722 zip code. Compared to the national median property tax rate of 0.99%, Cosby's tax rates provide a relatively affordable option for homeowners, impacting their overall cost of homeownership in a manageable way.
Average Cosby Tax Bill
$220
Average Sevier County Tax Bill
$766
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Cosby, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37722 | $75 | $96 | $220 | $457 | $725 |
Source: Ownwell