Smithville, Tennessee Property Taxes
The median property tax rate in Smithville, TN is 0.61%, 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 Smithville, the typical annual property tax bill reaches $990, significantly less than the national median of $2,690. Property taxes in Smithville 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 Smithville'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 Smithville 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
Smithville, 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 Smithville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Smithville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithville to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available further down the page. Your property’s assessed value is the value assigned by Cannon County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Smithville, Tennessee
Property taxes in Smithville, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithville is 0.61%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Smithville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithville 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 Smithville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37166 has both the highest and lowest median property tax rate of 0.61%. Understanding how these areas compare with Smithville provides valuable insights into the varying tax landscape across Cannon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smithville Tax Rate
0.61%
Average Cannon County Tax Rate
0.62%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37166 | 0.61% | 0.61% | 0.61% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Smithville, Tennessee
In Smithville, 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 Cannon 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. Assessment notices in Smithville 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. Smithville's median home price is $160,900, and property tax bills vary significantly. The 25th percentile tax bill is $706, while the 75th percentile reaches $1,468, and the 90th percentile is $2,521. The highest and lowest median tax bills are both $990, found in the 37166 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Smithville Assessed Value
$160,900
Average Cannon County Assessed Value
$129,400
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smithville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37166 | $70,270 | $114,800 | $160,900 | $238,825 | $409,950 |
Source: Ownwell
Property Tax Bills Across Smithville, Tennessee
In Smithville, located in Cannon County, TN, property tax bills are calculated based on the assessed value of a property. The assessed value is a percentage of the property's market value, determined by local assessors. For homeowners in Smithville, the median home price is $160,900. Various factors such as property size, location, and condition influence the assessed value. Once the assessed value is established, the local tax rate is applied to determine the annual tax bill. The national median property tax rate is 0.99%, but local rates can vary. For instance, in Smithville, tax bills can range significantly. The 25th percentile tax bill is $706, while the 75th percentile reaches $1,468. At the 90th percentile, homeowners might pay up to $2,521 annually. These tax bills impact homeowners by influencing their overall housing costs. Higher property taxes can increase monthly mortgage payments and affect the affordability of homeownership in the area. Understanding these factors helps homeowners anticipate and manage their annual property tax obligations effectively.
Average Smithville Tax Bill
$990
Average Cannon County Tax Bill
$846
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37166 | $432 | $706 | $990 | $1,468 | $2,521 |
Source: Ownwell