Greenback, Tennessee Property Taxes
The median property tax rate in Greenback, TN is 0.62%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Greenback at $181,500, the typical annual property tax bill amounts to $1,121, which is significantly below the national median of $2,690. Property taxes in Greenback are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Greenback'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 Greenback 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
Greenback, 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 Greenback Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Greenback. By simply inputting your property's estimated assessed value, the calculator uses the median tax rate in Greenback to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed insights, scrolling down reveals trends at the neighborhood level. Your property’s assessed value, determined by Blount County, forms the basis for these calculations and includes any applicable exemptions.
Property Tax Rates Across Greenback, Tennessee
Property taxes in Greenback, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenback is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Greenback set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenback 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 Greenback's effective property tax rate to other areas in Blount County and the national median. For comparison, the zip code 37742 has both the highest and lowest median property tax rate of 0.62%. Understanding how these areas compare with Greenback 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 Greenback Tax Rate
0.62%
Average Blount County Tax Rate
0.62%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenback, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37742 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Greenback, Tennessee
In Greenback, 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 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 Greenback, 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 Greenback helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 37742 has the highest and lowest median tax bill at $1,121, providing a benchmark for property owners in the area.
Average Greenback Assessed Value
$181,500
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 Greenback, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37742 | $50,140 | $104,750 | $181,500 | $246,750 | $311,600 |
Source: Ownwell
Property Tax Bills Across Greenback, Tennessee
In Greenback, located in Blount County, TN, property tax bills are determined through a combination of assessed property values and the county's tax rate. The assessed value is typically a percentage of the market value of the home, and this value is then multiplied by the tax rate to calculate the annual tax bill. For instance, with a median home price of $181,500, homeowners might see tax bills ranging from $639 at the 25th percentile to $1,524 at the 75th percentile, with the 90th percentile reaching up to $1,924. These figures are relatively lower compared to the national median property tax rate of 0.99%, making Greenback an appealing location for homeowners seeking lower property tax burdens. The highest and lowest median tax bills in the area are both $1,121, indicating a consistent tax environment within the zip code 37742. This consistency can provide homeowners with predictability in their annual financial planning, contributing to the overall affordability of living in Greenback.
Average Greenback Tax Bill
$1,121
Average Blount County Tax Bill
$1,142
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenback, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37742 | $309 | $639 | $1,121 | $1,524 | $1,924 |
Source: Ownwell