Knoxville, Tennessee Property Taxes
The median property tax rate in Knoxville, TN is 0.66%, slightly higher than the state median of 0.64% but still below the national median of 0.99%. With a median home value of $118,600, the typical annual property tax bill in Knoxville reaches $779, which is significantly lower than the national median of $2,690. Property taxes in Knoxville are calculated based on the assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Knoxville'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 Knoxville 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
Knoxville, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$783
Ownwell’s Knoxville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Knoxville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Knoxville 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 Knoxville, Tennessee
Property taxes in Knoxville, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knoxville is 0.66%, lower than the U.S. national median of 0.99%. Local government entities within Knoxville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knoxville 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 Knoxville's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37918 zip code has the highest median property tax rate of 0.66%, while the 37932 zip code has the lowest median tax rate of 0.65%. Understanding how these areas compare with Knoxville provides valuable insights into the varying tax landscape across Anderson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Knoxville Tax Rate
0.66%
Average Anderson County Tax Rate
0.87%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knoxville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37918 | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% |
| 37931 | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% |
| 37932 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| 37938 | 0.60% | 0.66% | 0.66% | 0.66% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Knoxville, Tennessee
In Knoxville, 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 Anderson 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 Knoxville, 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. For instance, the median home price is $118,600, and tax bills can vary significantly across different zip codes. The highest median tax bill is $1,587 in the 37918 zip code, while the lowest median tax bill is $344 in the 37938 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Knoxville Assessed Value
$118,600
Average Anderson County Assessed Value
$128,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Knoxville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37918 | $241,400 | $241,400 | $241,400 | $241,400 | $241,400 |
| 37931 | $11,960 | $40,200 | $122,700 | $230,800 | $324,720 |
| 37932 | $7,260 | $7,350 | $7,500 | $7,650 | $7,740 |
| 37938 | $27,720 | $42,100 | $52,300 | $90,500 | $172,280 |
Source: Ownwell
Property Tax Bills Across Knoxville, Tennessee
In Knoxville, 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 Knoxville is $118,600. Local tax rates are applied to this assessed value to determine the annual tax bill. Various factors, including property location, improvements, and market conditions, influence the assessed value. Homeowners in Knoxville can expect a wide range of tax bills. For instance, the 25th percentile tax bill is $257, while the 75th percentile tax bill is $1,504, and the 90th percentile tax bill reaches $2,116. The highest median tax bill in the area is $1,587, found in the 37918 zip code, whereas the lowest median tax bill is $344 in the 37938 zip code. These variations significantly impact homeowners, affecting their annual expenses and overall financial planning. Comparing these figures to the national median property tax rate of 0.99% helps highlight the relative affordability or expense of property taxes in Knoxville.
Average Knoxville Tax Bill
$779
Average Anderson County Tax Bill
$1,127
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Knoxville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37918 | $1,587 | $1,587 | $1,587 | $1,587 | $1,587 |
| 37931 | $79 | $257 | $806 | $1,516 | $2,134 |
| 37932 | $47 | $48 | $49 | $50 | $51 |
| 37938 | $169 | $277 | $344 | $595 | $1,132 |
Source: Ownwell