Jellico, Tennessee Property Taxes
The median property tax rate in Jellico, TN is 0.51%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value in Jellico of $50,400, the typical annual property tax bill is around $253, well below the national median of $2,690. Property taxes in Jellico are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Jellico'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 Jellico or another part of Campbell County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jellico, 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 Jellico Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Jellico with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jellico 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 Campbell County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Jellico, Tennessee
Property taxes in Jellico, Tennessee, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Jellico is 0.51%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Jellico set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jellico 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 Jellico's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37762 zip code has the highest median property tax rate of 0.51%, while the same zip code also has the lowest median tax rate of 0.51%. Understanding how these cities compare with Jellico provides valuable insights into the varying tax landscape across Campbell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jellico Tax Rate
0.51%
Average Campbell County Tax Rate
0.51%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jellico, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37762 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Jellico, Tennessee
In Jellico, 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 Campbell 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 Jellico, 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 Jellico helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Jellico is $253 in the 37762 zip code, which is also the lowest median tax bill, reflecting a consistent tax environment.
Average Jellico Assessed Value
$50,400
Average Campbell County Assessed Value
$89,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jellico, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37762 | $15,300 | $30,250 | $50,400 | $78,850 | $122,200 |
Source: Ownwell
Property Tax Bills Across Jellico, Tennessee
In Jellico, Campbell 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 Jellico is $50,400, and property taxes are determined by applying the local tax rate to this assessed value. The tax bill can vary significantly; for instance, the 25th percentile of tax bills is around $152, while the 75th percentile reaches approximately $400, and the 90th percentile can be as high as $622. These figures indicate that property taxes in Jellico are relatively low compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in the area are both $253, specifically in the zip code 37762. This relatively low tax burden can be beneficial for homeowners, making property ownership more affordable. However, the variation in tax bills also means that individual assessments can significantly impact what homeowners ultimately pay.
Average Jellico Tax Bill
$253
Average Campbell County Tax Bill
$481
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Jellico, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37762 | $77 | $152 | $253 | $400 | $622 |
Source: Ownwell