Wartrace, Tennessee Property Taxes
The median property tax rate in Wartrace, TN is 0.58%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $195,300 in Wartrace, the typical annual property tax bill is $1,282, which is also below the national median of $2,690. Property taxes in Wartrace are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Wartrace'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 Wartrace or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wartrace, 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 Wartrace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wartrace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wartrace 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 Wartrace, Tennessee
Property taxes in Wartrace, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wartrace is 0.58%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Wartrace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wartrace 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 Wartrace's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37183 zip code has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Wartrace 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 Wartrace 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 Wartrace, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37183 | 0.58% | 0.58% | 0.58% | 0.62% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Wartrace, Tennessee
In Wartrace, 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 Wartrace, 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 in Wartrace is $195,300, with tax bills ranging from $854 at the 25th percentile to $2,621 at the 90th percentile. The highest and lowest median tax bills in the area are both $1,282 in the 37183 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 Wartrace Assessed Value
$195,300
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 Wartrace, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37183 | $85,320 | $128,650 | $195,300 | $288,850 | $433,980 |
Source: Ownwell
Property Tax Bills Across Wartrace, Tennessee
In Wartrace, located in Bedford County, TN, 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 Wartrace is $195,300, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. The property tax bill in Wartrace can vary significantly, with the 25th percentile at $854 and the 75th percentile reaching $1,794. At the 90th percentile, homeowners may see bills as high as $2,621. Compared to the national median property tax rate of 0.99%, Wartrace's tax rates can be considered moderate, making it an attractive location for homeowners seeking affordability. Understanding these factors helps homeowners anticipate their annual tax obligations and budget accordingly.
Average Wartrace Tax Bill
$1,282
Average Bedford County Tax Bill
$1,283
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Wartrace, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37183 | $561 | $854 | $1,282 | $1,794 | $2,621 |
Source: Ownwell