Fairview, Tennessee Property Taxes
The median property tax rate in Fairview, TN is 0.67%, slightly higher than the state median of 0.64% but lower than the national median of 0.99%. With a median home value of $237,500 in Fairview, the typical annual property tax bill amounts to $1,595, which is significantly below the national median of $2,690. Property taxes in Fairview 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 Fairview'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 Fairview 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
Fairview, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$1,591
$1,477
Ownwell’s Fairview Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairview with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairview to estimate 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Fairview, Tennessee
Property taxes in Fairview, Tennessee, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairview is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Fairview set these rates annually, and they can vary across different neighborhoods. Each year, Fairview 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 Fairview's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37062 has both the highest and lowest median property tax rate of 0.67%. Understanding how these cities compare with Fairview provides valuable insights into the varying tax landscape across Cheatham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairview Tax Rate
0.67%
Average Cheatham County Tax Rate
0.67%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairview, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37062 | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Fairview, Tennessee
In Fairview, 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 Cheatham 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 Fairview, 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 highest median tax bill in Fairview is $1,595 in the 37062 zip code, which is also the lowest median tax bill. Being aware of these valuation processes in Fairview helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairview Assessed Value
$237,500
Average Cheatham County Assessed Value
$201,100
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairview, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37062 | $184,060 | $203,200 | $237,500 | $393,700 | $520,380 |
Source: Ownwell
Property Tax Bills Across Fairview, Tennessee
In Fairview, located in Cheatham County, TN, property tax bills are calculated based on the assessed value of the home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. For instance, with a median home price of $237,500, homeowners can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $1,365, while the 75th percentile reaches approximately $2,645, and the 90th percentile can go up to $3,495. Factors influencing the tax bill include property location, home size, and market conditions. Compared to the national median property tax rate of 0.99%, Fairview's rates can be seen as relatively moderate. These taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting homeowners by contributing to community development and property value stability. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Fairview Tax Bill
$1,595
Average Cheatham County Tax Bill
$1,378
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairview, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37062 | $1,237 | $1,365 | $1,595 | $2,645 | $3,495 |
Source: Ownwell