Dixon Springs, Tennessee Property Taxes
The median property tax rate in Dixon Springs, TN is 0.43%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Dixon Springs, the typical annual property tax bill reaches $630, well below the national median of $2,690. Property taxes in Dixon Springs 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 Dixon Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Dixon Springs 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
Dixon Springs, 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 Dixon Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dixon Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dixon Springs 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 Dixon Springs, Tennessee
Property taxes in Dixon Springs, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dixon Springs is 0.43%, which is significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Dixon Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dixon Springs 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 Dixon Springs' effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37057 has both the highest and lowest median property tax rate of 0.43%, illustrating a uniformity in tax rates within the region. Understanding how these cities compare with Dixon Springs provides valuable insights into the varying tax landscape across Smith County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dixon Springs Tax Rate
0.43%
Average Smith County Tax Rate
0.43%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dixon Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37057 | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
Source: Ownwell
Property Tax Assessment Values Across Dixon Springs, Tennessee
In Dixon Springs, 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 local 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 Dixon Springs, 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 Dixon Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 37057 has the highest and lowest median tax bill at $630, highlighting the variability within the region.
Property Tax Assessment Values Across Dixon Springs, Tennessee
Source: Ownwell
$37,300
$110,800
$184,300
Average Dixon Springs Assessed Value
$150,500
Average Smith County Assessed Value
$164,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dixon Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37057 | $27,190 | $63,500 | $150,500 | $218,725 | $278,240 |
Source: Ownwell
Property Tax Bills Across Dixon Springs, Tennessee
In Dixon Springs, Smith County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value typically represents a percentage of the property's market value. Homeowners in Dixon Springs can expect their tax bills to vary significantly, depending on several factors, including the property's location, size, and any applicable exemptions. For example, the median home price in Dixon Springs is $150,500. Homeowners in the 25th percentile pay around $262 annually, while those in the 75th percentile face a tax bill of about $947. At the 90th percentile, the tax bill can reach up to $1,206. The highest and lowest median tax bills in the area are both $630, reflecting some consistency within the zip code 37057. Compared to the national median property tax rate of 0.99%, homeowners in Dixon Springs benefit from relatively lower tax rates, which can provide significant financial relief. Understanding these factors helps homeowners better anticipate and manage their annual property tax obligations.
Average Dixon Springs Tax Bill
$630
Average Smith County Tax Bill
$769
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Dixon Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37057 | $118 | $262 | $630 | $947 | $1,206 |
Source: Ownwell