Cottontown, Tennessee Property Taxes
The median property tax rate in Cottontown, TN is 0.56%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Cottontown, the typical annual property tax bill amounts to $1,423, which is below the national median of $2,690. Property taxes in Cottontown are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cottontown'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 Cottontown or another part of Sumner County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cottontown, 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 Cottontown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cottontown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cottontown 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 Cottontown, Tennessee
Property taxes in Cottontown, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cottontown 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 Cottontown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cottontown 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 Cottontown's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37048 zip code has the highest median property tax rate of 0.56%, while the 37048 zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Cottontown provides valuable insights into the varying tax landscape across Sumner County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cottontown Tax Rate
0.56%
Average Sumner County Tax Rate
0.76%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cottontown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37048 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Cottontown, Tennessee
In Cottontown, 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 Sumner 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 Cottontown, 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 Cottontown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 37048 has the highest and lowest median tax bill in the area, both at $1,423.
Average Cottontown Assessed Value
$250,350
Average Sumner County Assessed Value
$246,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cottontown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37048 | $109,170 | $168,900 | $250,350 | $354,975 | $470,630 |
Source: Ownwell
Property Tax Bills Across Cottontown, Tennessee
In Cottontown, Sumner County, TN, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The county's tax rate is then applied to this assessed value to determine the final tax bill. Factors such as property size, location, and market conditions influence the assessed value. Homeowners in Cottontown can expect tax bills to vary significantly. For instance, the 25th percentile tax bill is $948, while the 75th percentile reaches $2,089, and the 90th percentile climbs to $2,960. Comparing these figures to the national median property tax rate of 0.99%, Cottontown's rates can be seen as relatively moderate. However, they still impact homeowners' finances, potentially affecting decisions on property improvements and investments. The highest median tax bill in the area is $1,423, indicating a range of tax obligations depending on specific property characteristics and valuations.
Average Cottontown Tax Bill
$1,423
Average Sumner County Tax Bill
$1,839
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Cottontown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37048 | $608 | $948 | $1,423 | $2,089 | $2,960 |
Source: Ownwell