Gray, Tennessee Property Taxes
The median property tax rate in Gray, TN is 0.54%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Gray, the typical annual property tax bill reaches $248, significantly below the national median of $2,690. Property taxes in Gray 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 Gray'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 Gray 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
Gray, 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 GRAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GRAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GRAY 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 Gray, Tennessee
Property taxes in Gray, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gray is 0.54%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Gray set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gray 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 Gray's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37615 zip code has the highest median property tax rate of 0.54%, while the 37615 zip code also has the lowest median tax rate of 0.54%. Understanding how these cities compare with Gray provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gray Tax Rate
0.54%
Average Washington County Tax Rate
0.54%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gray, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37615 | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Gray, Tennessee
In Gray, 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 Washington 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 Gray, 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 Gray helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $248.00, found in the 37615 zip code, while the lowest median tax bill is also $248.00 in the same zip code.
Average Gray Assessed Value
$45,000
Average Washington County Assessed Value
$131,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gray, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37615 | $7,000 | $14,325 | $45,000 | $210,825 | $249,100 |
Source: Ownwell
Property Tax Bills Across Gray, Tennessee
In GRAY, Washington County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Homeowners in GRAY can expect their property tax bills to vary significantly depending on their property's assessed value. For instance, the median home price in GRAY is $45,000. Property tax bills in the area range widely, with the 25th percentile at $81 and the 75th percentile at $1,136. At the 90th percentile, tax bills can reach up to $1,339. These figures illustrate the variability in tax bills, which can be influenced by factors such as property improvements, neighborhood developments, and changes in market conditions. The highest median tax bill in the area is $248, found in the 37615 zip code. Understanding how these factors affect property taxes can help homeowners better anticipate their annual expenses and plan accordingly.
Average Gray Tax Bill
$248
Average Washington County Tax Bill
$882
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Gray, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37615 | $38 | $81 | $248 | $1,136 | $1,339 |
Source: Ownwell