Petersburg, Tennessee Property Taxes
The median property tax rate in Petersburg, TN is 0.58%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $196,000 in Petersburg, the typical annual property tax bill reaches $1,144, which is significantly below the national median of $2,690. Property taxes in Petersburg are calculated based on the tax assessed value, typically lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Petersburg'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 Petersburg 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
Petersburg, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$1,137
Ownwell’s Petersburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Petersburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petersburg 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 Petersburg, Tennessee
Property taxes in Petersburg, Tennessee, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Petersburg stands at 0.58%, which is below both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Petersburg set these rates annually, and they can vary across different neighborhoods. Each year, Petersburg 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 Petersburg's effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest and lowest median property tax rates in Bedford County are both found in the 37144 zip code, standing at 0.58%. Understanding how these cities compare with Petersburg 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 Petersburg 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 Petersburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37144 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Petersburg, Tennessee
In Petersburg, 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 local 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 Petersburg, 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 Petersburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $196,000, with tax bills ranging from $638 at the 25th percentile to $2,417 at the 90th percentile. The highest and lowest median tax bills are both $1,144 in the 37144 zip code.
Average Petersburg Assessed Value
$196,000
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 Petersburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37144 | $65,340 | $110,300 | $196,000 | $298,850 | $404,760 |
Source: Ownwell
Property Tax Bills Across Petersburg, Tennessee
In Petersburg, Tennessee, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $196,000 in Bedford County, homeowners can expect a range of tax bills. At the 25th percentile, the tax bill is approximately $638, while at the 75th percentile, it rises to around $1,746. Those in the 90th percentile may see bills as high as $2,417. Factors influencing these calculations include the home's assessed value, local tax rates, and any applicable exemptions. The highest and lowest median tax bills in the area both stand at $1,144, indicating some consistency in tax liabilities across different properties. Compared to the national median property tax rate of 0.99%, Petersburg's rates can significantly impact homeowners, potentially making it a more affordable or expensive place to live depending on individual circumstances.
Average Petersburg Tax Bill
$1,144
Average Bedford County Tax Bill
$1,283
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Petersburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37144 | $380 | $638 | $1,144 | $1,746 | $2,417 |
Source: Ownwell