Tullahoma, Tennessee Property Taxes
The median property tax rate in Tullahoma, 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 $239,600 in Tullahoma, the typical annual property tax bill is $1,393, well below the national median of $2,690. Property taxes in Tullahoma are determined based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Tullahoma's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're located in the heart of Tullahoma or its surrounding areas, familiarizing yourself with the local property tax structure will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tullahoma, 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 Tullahoma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tullahoma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tullahoma 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 Tullahoma, Tennessee
Property taxes in Tullahoma, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tullahoma is 0.58%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Tullahoma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tullahoma 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 Tullahoma's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37388 zip code has the highest median property tax rate of 0.58%, while the 37388 zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Tullahoma 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 Tullahoma 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 Tullahoma, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37388 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Tullahoma, Tennessee
In Tullahoma, 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 Tullahoma, 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 Tullahoma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Tullahoma is $239,600, with tax bills ranging from $796 at the 25th percentile to $3,612 at the 90th percentile. The highest and lowest median tax bills are both $1,393 in the 37388 zip code.
Average Tullahoma Assessed Value
$239,600
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 Tullahoma, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37388 | $69,480 | $137,000 | $239,600 | $369,200 | $621,420 |
Source: Ownwell
Property Tax Bills Across Tullahoma, Tennessee
In Tullahoma, located in Bedford County, TN, property tax bills are calculated based on the assessed value of a home. This assessed value is typically a percentage of the market value. Homeowners in Tullahoma experience a range of property tax bills, with the 25th percentile at $796 and the 75th percentile at $2,146. The 90th percentile sees tax bills as high as $3,612. The median home price in Tullahoma stands at $239,600, which is a key factor in determining the tax bill. The property tax rate in Tullahoma is influenced by local government budgets and the needs of public services such as schools and infrastructure. This rate is applied to the assessed value of the property to determine the annual tax bill. For homeowners, this means that changes in home values or local tax rates can significantly impact their financial responsibilities. Compared to the national median property tax rate of 0.99%, Tullahoma's rates reflect the specific economic and governmental conditions of the area.
Average Tullahoma Tax Bill
$1,393
Average Bedford County Tax Bill
$1,283
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Tullahoma, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37388 | $404 | $796 | $1,393 | $2,146 | $3,612 |
Source: Ownwell