Westpoint, Tennessee Property Taxes
The median property tax rate in Westpoint, TN is 0.48%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Westpoint, the typical annual property tax bill is $642, well below the national median of $2,690. Property taxes in Westpoint are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Westpoint'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 Westpoint 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
Westpoint, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$643
Ownwell’s Westpoint Property Tax Bill Calculator helps any homeowner, real estate investor, or potential buyer estimate their annual property taxes in Westpoint with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westpoint 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 Westpoint, Tennessee
Property taxes in Westpoint, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westpoint is 0.48%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Westpoint set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westpoint 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 Westpoint's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38486 zip code has the highest median property tax rate of 0.48%, while the 38486 zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Westpoint 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 Westpoint 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 Westpoint, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38486 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Westpoint, Tennessee
In Westpoint, 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 Westpoint, 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 Westpoint helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 38486, with a median tax bill of $642.
Average Westpoint Assessed Value
$134,000
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 Westpoint, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38486 | $26,400 | $68,400 | $134,000 | $176,800 | $271,980 |
Source: Ownwell
Property Tax Bills Across Westpoint, Tennessee
In Westpoint, 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 typically reflects a percentage of the property's market value. For example, with a median home price of $134,000, the tax bill can vary significantly. Homeowners in Westpoint can expect their property tax bills to range widely, with the 25th percentile at $328 and the 75th percentile at $847. At the 90th percentile, the tax bill can reach as high as $1,303. The highest and lowest median tax bills both stand at $642, indicating some uniformity in tax rates within the zip code 38486. Factors such as property improvements, changes in market conditions, and local government budgets can influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Westpoint's tax rates provide a relatively affordable option for homeowners, impacting their overall cost of living and financial planning.
Average Westpoint Tax Bill
$642
Average Wayne County Tax Bill
$475
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Westpoint, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38486 | $127 | $328 | $642 | $847 | $1,303 |
Source: Ownwell