Covington, Tennessee Property Taxes
The median property tax rate in Covington, TN is 0.51%, which is significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Covington at $103,400, the typical annual property tax bill amounts to $680, well below the national median of $2,690. Property taxes in Covington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Covington'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 Covington or elsewhere in Tipton County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Covington, 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 Covington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Covington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Covington 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 Covington, Tennessee
Property taxes in Covington, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Covington is 0.51%, which is lower than the U.S. national median of 0.99%. Local government entities within Covington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Covington 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 Covington's effective property tax rate to other areas in Tipton County and the national median. For comparison, the 38019 zip code has both the highest and lowest median property tax rate of 0.51%. Understanding how these cities compare with Covington provides valuable insights into the varying tax landscape across Tipton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Covington Tax Rate
0.51%
Average Tipton County Tax Rate
0.51%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Covington, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38019 | 0.51% | 0.51% | 0.51% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Covington, Tennessee
In Covington, 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 Tipton County Assessor 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 Covington, 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 Covington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38019 has both the highest and lowest median tax bills at $680.
Average Covington Assessed Value
$103,400
Average Tipton County Assessed Value
$143,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Covington, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38019 | $35,900 | $64,850 | $103,400 | $159,750 | $251,840 |
Source: Ownwell
Property Tax Bills Across Covington, Tennessee
In Covington, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the Tipton County Assessor's office. The assessed value is a percentage of the property's market value, and this value is then multiplied by the local tax rate to determine the tax bill. Homeowners in Covington can expect their property tax bills to vary significantly, with the 25th percentile at $426 and the 75th percentile at $1054. The highest median tax bill in the area is $680, which is relatively modest compared to the national median property tax rate of 0.99%. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. For homeowners, understanding how their property tax bill is calculated can help them budget more effectively and potentially seek exemptions or appeals if they believe their property has been over-assessed.
Average Covington Tax Bill
$680
Average Tipton County Tax Bill
$880
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Covington, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38019 | $245 | $426 | $680 | $1,054 | $1,578 |
Source: Ownwell