Iron City, Tennessee Property Taxes
The median property tax rate in Iron City, 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 Iron City at $124,400, the typical annual property tax bill reaches $598, significantly below the national median of $2,690. Property taxes in Iron City 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 Iron City'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 Iron City 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
Iron City, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$597
Ownwell’s IRON CITY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in IRON CITY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in IRON CITY 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 Iron City, Tennessee
Property taxes in Iron City, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iron City is 0.48%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Iron City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Iron City 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 Iron City's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38463 has both the highest and lowest median property tax rate of 0.48%. Understanding how these cities compare with Iron City 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 Iron City 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 Iron City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38463 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Iron City, Tennessee
In Iron City, 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 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 Iron City, 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 Iron City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38463 in Iron City has the highest and lowest median tax bill, both at $598, reflecting the unique tax landscape of the area.
Average Iron City Assessed Value
$124,400
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 Iron City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38463 | $26,400 | $60,350 | $124,400 | $194,750 | $286,860 |
Source: Ownwell
Property Tax Bills Across Iron City, Tennessee
In Iron City, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in the area is $124,400. Homeowners in Iron City can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $288 and the 75th percentile tax bill at $934. For those in the 90th percentile, the tax bill can reach up to $1,382. These variations stem from differences in property values and applicable tax rates. Factors such as property location within Wayne County, home improvements, and local tax levies also play a crucial role in determining the final tax bill. The median property tax rate in Iron City is relatively low compared to the national median of 0.99%, which can be a relief for homeowners. However, understanding these factors is essential for homeowners to anticipate their annual property tax obligations accurately.
Average Iron City Tax Bill
$598
Average Wayne County Tax Bill
$475
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Iron City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38463 | $127 | $288 | $598 | $934 | $1,382 |
Source: Ownwell