Speedwell, Tennessee Property Taxes
The median property tax rate in Speedwell, TN is 0.58%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Speedwell at $104,400, the typical annual property tax bill is $626, significantly below the national median of $2,690. Property taxes in Speedwell 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 Speedwell'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 Speedwell 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
Speedwell, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$606
$562
Ownwell’s Speedwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Speedwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Speedwell 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 Speedwell, Tennessee
Property taxes in Speedwell, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Speedwell is 0.58%, lower than both the Tennessee state median of 0.71% and the U.S. national median of 0.99%. Local government entities within Speedwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Speedwell 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 Speedwell's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37870 zip code has the highest median property tax rate of 0.58%, while the 37870 zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Speedwell provides valuable insights into the varying tax landscape across Claiborne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Speedwell Tax Rate
0.58%
Average Claiborne County Tax Rate
0.58%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Speedwell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37870 | 0.57% | 0.57% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Speedwell, Tennessee
In Speedwell, 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 Claiborne 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 Speedwell, 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. The median home price in Speedwell is $104,400, with tax bills ranging from $376 at the 25th percentile to $1,494 at the 90th percentile. The highest median tax bill of $626 is found in the 37870 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Speedwell Assessed Value
$104,400
Average Claiborne County Assessed Value
$114,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Speedwell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37870 | $29,640 | $62,050 | $104,400 | $166,850 | $256,380 |
Source: Ownwell
Property Tax Bills Across Speedwell, Tennessee
In Speedwell, Claiborne 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 Speedwell is $104,400. Property taxes are assessed at a rate of 0.60%, which is significantly lower than the national median property tax rate of 0.99%. To determine the tax bill, the assessed value is multiplied by the local tax rate. For example, a home valued at the median price would have an assessed value of $62,640. Applying the tax rate, the annual property tax bill would be approximately $376, placing it in the 25th percentile. This means homeowners in Speedwell typically pay less in property taxes compared to many other regions. Factors influencing the tax bill include changes in market value, local tax rates, and any applicable exemptions. Lower property taxes can make homeownership more affordable, but they also mean fewer resources for local services funded by these taxes.
Average Speedwell Tax Bill
$626
Average Claiborne County Tax Bill
$680
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Speedwell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37870 | $181 | $376 | $626 | $975 | $1,494 |
Source: Ownwell