Alcoa, Tennessee Property Taxes
The median property tax rate in Alcoa, TN is 1.18%, considerably higher than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Alcoa at $131,800, the typical annual property tax bill reaches $1,476, exceeding the national median of $2,690. Property taxes in Alcoa are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Alcoa'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 Alcoa 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
Alcoa, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$1,555
Ownwell’s Alcoa Property Tax Bill Calculator provides homeowners, real estate investors, and potential buyers an easy way to estimate their annual property taxes in Alcoa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alcoa to give you an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more granular insights, you can find localized information on neighborhood trends by scrolling down. Your property’s assessed value is the value assigned by Blount County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Alcoa, Tennessee
Property taxes in Alcoa, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Alcoa is 1.18%, significantly higher than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Alcoa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alcoa 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 Alcoa's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37701 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Alcoa provides valuable insights into the varying tax landscape across Blount County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alcoa Tax Rate
1.18%
Average Blount County Tax Rate
0.62%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alcoa, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37701 | 0.62% | 1.18% | 1.18% | 1.19% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Alcoa, Tennessee
In Alcoa, 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 Blount County Assessor of Property 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 Alcoa, 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. The median home price in Alcoa is $131,800, with tax bills ranging from $1,051 at the 25th percentile to $2,427 at the 75th percentile, and $4,017 at the 90th percentile. The highest and lowest median tax bills, both at $1,476, are found in the 37701 zip code. Being aware of these valuation processes in Alcoa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Alcoa Assessed Value
$131,800
Average Blount County Assessed Value
$163,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alcoa, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37701 | $74,520 | $97,400 | $131,800 | $224,800 | $356,440 |
Source: Ownwell
Property Tax Bills Across Alcoa, Tennessee
In Alcoa, located in Blount County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the home's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $131,800, homeowners can expect to pay a property tax bill that falls within a range influenced by various factors such as property size, location, and improvements. Homeowners in Alcoa typically see tax bills ranging from $1,051 at the 25th percentile to $4,017 at the 90th percentile, with the median tax bill being $1,476. This is slightly higher than the national median property tax rate of 0.99%. These taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the quality of life and property values in the area. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Alcoa Tax Bill
$1,476
Average Blount County Tax Bill
$1,142
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Alcoa, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37701 | $691 | $1,051 | $1,476 | $2,427 | $4,017 |
Source: Ownwell