Chapel Hill, Tennessee Property Taxes
The median property tax rate in Chapel Hill, TN is 0.58%, which is significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $168,400 in Chapel Hill, the typical annual property tax bill amounts to $985, well below the national median of $2,690. Property taxes in Chapel Hill are calculated based on the assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Gaining a thorough understanding of Chapel Hill's property tax system, exploring available exemptions, and pinpointing opportunities for reductions can result in considerable annual savings. Whether you're in the heart of Chapel Hill or another part of Bedford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chapel Hill, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$977
$906
Ownwell’s Chapel Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chapel Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chapel Hill 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 Chapel Hill, Tennessee
Property taxes in Chapel Hill, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chapel Hill is 0.58%, significantly lower than the U.S. national median of 0.99%. Local government entities within Chapel Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chapel Hill 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 Chapel Hill's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37034 zip code has both the highest and lowest median property tax rate of 0.58%. Understanding how these cities compare with Chapel Hill provides valuable insights into the varying tax landscape across Bedford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chapel Hill Tax Rate
0.58%
Average Bedford County Tax Rate
0.58%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chapel Hill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37034 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Chapel Hill, Tennessee
In Chapel Hill, 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 Bedford 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 Chapel Hill, 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. The median home price in Chapel Hill is $168,400, with property tax bills ranging significantly. For instance, the 25th percentile tax bill is $654, while the 75th percentile tax bill is $1,459. 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 Chapel Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chapel Hill Assessed Value
$168,400
Average Bedford County Assessed Value
$173,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chapel Hill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37034 | $73,600 | $112,400 | $168,400 | $251,000 | $356,120 |
Source: Ownwell
Property Tax Bills Across Chapel Hill, Tennessee
In Chapel Hill, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Bedford County see their tax bills determined by multiplying the assessed value by the local tax rate. Factors such as property location, size, and improvements can influence the assessed value. The median home price in Chapel Hill is $168,400, with property tax bills ranging significantly across different percentiles. For instance, the 25th percentile tax bill is $654, while the 75th percentile reaches $1,459, and the 90th percentile can be as high as $2,070. Comparatively, the national median property tax rate is 0.99%, making Chapel Hill's tax scenario relatively moderate. Homeowners need to be aware of these factors, as they directly impact the annual cost of owning property and can vary widely within the same region. Understanding how these elements interplay can help homeowners better anticipate their financial obligations.
Average Chapel Hill Tax Bill
$985
Average Bedford County Tax Bill
$1,283
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Chapel Hill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37034 | $428 | $654 | $985 | $1,459 | $2,070 |
Source: Ownwell