Sharon, Tennessee Property Taxes
The median property tax rate in Sharon, TN is 0.49%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $57,900 in Sharon, the typical annual property tax bill amounts to $409, well below the national median of $2,690. Property taxes in Sharon are calculated based on the assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Sharon'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 Sharon or another part of Weakley County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sharon, 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 Sharon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sharon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sharon 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 Sharon, Tennessee
Property taxes in Sharon, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sharon is 0.49%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Sharon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sharon 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 Sharon's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38255 zip code has both the highest and lowest median property tax rate of 0.49%. Understanding how these cities compare with Sharon provides valuable insights into the varying tax landscape across Weakley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sharon Tax Rate
0.49%
Average Weakley County Tax Rate
0.49%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sharon, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38255 | 0.49% | 0.49% | 0.49% | 0.99% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Sharon, Tennessee
In Sharon, 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 Weakley 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 Sharon, 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 Sharon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Sharon both stand at $409 in the zip code 38255.
Average Sharon Assessed Value
$57,900
Average Weakley County Assessed Value
$76,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sharon, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38255 | $25,000 | $38,300 | $57,900 | $87,500 | $149,280 |
Source: Ownwell
Property Tax Bills Across Sharon, Tennessee
In Sharon, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is a percentage of the property's market value. For homeowners in Weakley County, the median home price stands at $57,900. Property taxes are then applied to this assessed value using the local tax rate. Several factors influence the final tax bill, including the property's location, improvements made, and any applicable exemptions. For instance, in Weakley County, the 25th percentile tax bill is $253, while the 75th percentile reaches $662, and the 90th percentile can go up to $963. The highest median tax bill in the area is $409, found in the 38255 zip code. Compared to the national median property tax rate of 0.99%, Sharon's tax rates can significantly impact homeowners, especially those with higher-valued properties or fewer exemptions. Understanding these factors can help homeowners anticipate their annual property tax liabilities and plan their finances accordingly.
Average Sharon Tax Bill
$409
Average Weakley County Tax Bill
$523
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Sharon, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38255 | $156 | $253 | $409 | $662 | $963 |
Source: Ownwell