Cypress Inn, Tennessee Property Taxes
The median property tax rate in Cypress Inn, TN is 0.48%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Cypress Inn, the typical annual property tax bill reaches $623, significantly below the national median of $2,690. Property taxes in Cypress Inn 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 Cypress Inn'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 Cypress Inn or another part of Wayne County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cypress Inn, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$623
Ownwell’s CYPRESS INN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CYPRESS INN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CYPRESS INN 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 Cypress Inn, Tennessee
Property taxes in Cypress Inn, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cypress Inn is 0.48%, which is significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Cypress Inn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cypress Inn 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 Cypress Inn's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38452 has both the highest and lowest median property tax rate of 0.48%. Understanding how these cities compare with Cypress Inn provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cypress Inn Tax Rate
0.48%
Average Wayne County Tax Rate
0.48%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cypress Inn, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38452 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Cypress Inn, Tennessee
In Cypress Inn, 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 Wayne 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 Cypress Inn, 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 Cypress Inn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38452 has the highest and lowest median tax bills at $623.
Average Cypress Inn Assessed Value
$129,700
Average Wayne County Assessed Value
$98,950
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cypress Inn, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38452 | $29,410 | $64,300 | $129,700 | $192,250 | $257,680 |
Source: Ownwell
Property Tax Bills Across Cypress Inn, Tennessee
In Cypress Inn, Wayne County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in this area is $129,700. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $308 and the 75th percentile tax bill at $924. The tax bill at the 90th percentile reaches up to $1,236. These figures are influenced by multiple factors, including the assessed value of the property, the local tax rate, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Cypress Inn homeowners experience a relatively moderate tax burden. The highest and lowest median tax bills in the area are both recorded at $623, specifically in the zip code 38452. This consistency suggests a stable property tax environment, which can be beneficial for budgeting and financial planning for homeowners in the region.
Average Cypress Inn Tax Bill
$623
Average Wayne County Tax Bill
$475
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Cypress Inn, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38452 | $141 | $308 | $623 | $924 | $1,236 |
Source: Ownwell