Reagan, Chester County, Tennessee Property Taxes
The median property tax rate in Reagan, TN is 0.62%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $89,300 in Reagan, the typical annual property tax bill amounts to $535, significantly below the national median of $2,690. Property taxes in Reagan are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Reagan'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 Reagan or another part of Chester County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Reagan, Chester County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$554
$514
Ownwell’s Reagan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reagan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reagan 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 Reagan, Chester County, Tennessee
Property taxes in Reagan, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reagan is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Reagan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reagan 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 Reagan's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38368 zip code has both the highest and the lowest median property tax rate of 0.62%. Understanding how these areas compare with Reagan provides valuable insights into the varying tax landscape across Chester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reagan Tax Rate
0.62%
Average Chester County Tax Rate
0.62%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reagan, Chester County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38368 | 0.52% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Reagan, Chester County, Tennessee
In Reagan, 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 Chester 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 Reagan, 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 Reagan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Reagan are both $535, found in the 38368 zip code.
Property Tax Assessment Values Across Reagan, Chester County, Tennessee
Source: Ownwell
$76,250
$109,525
$142,800
Average Reagan Assessed Value
$89,300
Average Chester County Assessed Value
$125,450
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Reagan, Chester County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38368 | $22,760 | $42,350 | $89,300 | $136,800 | $215,880 |
Source: Ownwell
Property Tax Bills Across Reagan, Chester County, Tennessee
In Reagan, located in Chester County, TN, property tax bills are calculated based on the assessed value of your home. The assessed value is a percentage of the market value of your property. This assessment is then multiplied by the local tax rate to determine your annual property tax bill. For example, with a median home price of $89,300, homeowners in Reagan can expect varying tax bills. At the 25th percentile, tax bills are around $263, while at the 75th percentile, they rise to approximately $812, and at the 90th percentile, they can reach $1270. These tax bills impact homeowners by influencing their annual expenses, with higher-valued properties typically incurring higher taxes. Compared to the national median property tax rate of 0.99%, Reagan's tax rates can be more manageable, but they still represent a significant financial consideration for homeowners. Understanding these factors can help residents better prepare for their annual property tax obligations.
Average Reagan Tax Bill
$535
Average Chester County Tax Bill
$763
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Reagan, Chester County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38368 | $141 | $263 | $535 | $812 | $1,270 |
Source: Ownwell