Bumpus Mills, Tennessee Property Taxes
The median property tax rate in Bumpus Mills, TN is 0.59%, lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $89,300 in Bumpus Mills, the typical annual property tax bill is $526, significantly below the national median of $2,690. Property taxes in Bumpus Mills are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Bumpus Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Bumpus Mills or another part of Stewart County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bumpus Mills, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$527
Ownwell’s Bumpus Mills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bumpus Mills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bumpus Mills 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 Bumpus Mills, Tennessee
Property taxes in Bumpus Mills, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bumpus Mills is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Bumpus Mills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bumpus Mills 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 Bumpus Mills' effective property tax rate to other areas in Stewart County and the national median. For comparison, the zip code 37028 has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these areas compare with Bumpus Mills provides valuable insights into the varying tax landscape across Stewart County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bumpus Mills Tax Rate
0.59%
Average Stewart County Tax Rate
0.59%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bumpus Mills, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37028 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Bumpus Mills, Tennessee
In Bumpus Mills, 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 Stewart 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 Bumpus Mills, 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 Bumpus Mills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Bumpus Mills is 37028, with a median tax bill of $526.
Average Bumpus Mills Assessed Value
$89,300
Average Stewart County Assessed Value
$102,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bumpus Mills, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37028 | $23,940 | $55,100 | $89,300 | $137,400 | $236,580 |
Source: Ownwell
Property Tax Bills Across Bumpus Mills, Tennessee
In Bumpus Mills, located in Stewart County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, if the median home price is $89,300, the assessed value is determined by applying the county’s assessment ratio. Once the assessed value is established, the local property tax rate is applied to calculate the tax bill. Homeowners in Bumpus Mills can expect varying tax bills depending on their property’s assessed value. For example, the 25th percentile tax bill is around $326, while the 75th percentile tax bill reaches $811. At the higher end, the 90th percentile tax bill can be as much as $1,405. These figures indicate the range of property tax obligations within the community. Compared to the national median property tax rate of 0.99%, Stewart County’s rates provide a perspective on how local tax policies impact homeowners. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Bumpus Mills Tax Bill
$526
Average Stewart County Tax Bill
$644
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Bumpus Mills, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37028 | $149 | $326 | $526 | $811 | $1,405 |
Source: Ownwell