Knoxville, Blount County, Tennessee Property Taxes
The median property tax rate in Knoxville, TN is 0.62%, which is lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With the median home value in Knoxville at $103,800, the typical annual property tax bill amounts to $683, significantly below the national median of $2,690. Property taxes in Knoxville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Knoxville'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 Knoxville 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
Knoxville, Blount County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$644
$597
Ownwell’s Knoxville Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Knoxville with just two inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Knoxville to provide an estimate of 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 Blount County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Knoxville, Blount County, Tennessee
Property taxes in Knoxville, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knoxville is 0.62%, lower than the U.S. national median of 0.99%. Local government entities within Knoxville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knoxville 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 Knoxville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37920 zip code has the highest median property tax rate of 0.62%, while the 37920 zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Knoxville 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 Knoxville 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 Knoxville, Blount County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37920 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Knoxville, Blount County, Tennessee
In Knoxville, 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 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 Knoxville, 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. For instance, the median home price in Knoxville is $103,800, with tax bills ranging from $371 at the 25th percentile to $4,306 at the 90th percentile. The zip code 37920 shows the highest median tax bill of $683. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Knoxville, Blount County, Tennessee
Source: Ownwell
$72,950
$130,225
$187,500
Average Knoxville Assessed Value
$103,800
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 Knoxville, Blount County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37920 | $25,200 | $60,000 | $103,800 | $418,000 | $662,520 |
Source: Ownwell
Property Tax Bills Across Knoxville, Blount County, Tennessee
In Knoxville, Blount County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the home's assessed value, the local tax rate, and any applicable exemptions or deductions. For homeowners in Knoxville, the median home price is $103,800. The property tax rate in this area is relatively low compared to the national median property tax rate of 0.99%. Homeowners can expect a wide range in tax bills, with the 25th percentile at $371 and the 75th percentile at $2,581. The 90th percentile sees tax bills as high as $4,306, indicating significant variability based on property value and specific circumstances. These property tax bills can have a substantial impact on homeowners, influencing their overall housing costs and financial planning. Understanding how these taxes are calculated helps residents anticipate their annual expenses and take advantage of any available exemptions.
Average Knoxville Tax Bill
$683
Average Blount County Tax Bill
$1,142
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Knoxville, Blount County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37920 | $156 | $371 | $683 | $2,581 | $4,306 |
Source: Ownwell