Newport, Tennessee Property Taxes
The median property tax rate in Newport, TN is 0.64%, which aligns with the Tennessee state median but is notably lower than the national median of 0.99%. With a median home value of $89,300 in Newport, the typical annual property tax bill amounts to $628, significantly under the national median of $2,690. Property taxes in Newport are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Familiarizing yourself with Newport's property tax system, exploring available exemptions, and finding opportunities for reductions can result in substantial annual savings. Whether you're located in the heart of Newport or elsewhere in Cocke County, understanding the local property tax system can be advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Newport, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$572
$530
Ownwell’s Newport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newport 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 Newport, Tennessee
Property taxes in Newport, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newport is 0.64%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Newport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newport 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 Newport's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37821 zip code has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Newport provides valuable insights into the varying tax landscape across Cocke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newport Tax Rate
0.64%
Average Cocke County Tax Rate
0.64%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newport, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37821 | 0.64% | 0.64% | 0.64% | 1.02% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Newport, Tennessee
In Newport, 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 Cocke 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 Newport, 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 Newport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, in the 37821 zip code, the median tax bill is $628.
Average Newport Assessed Value
$89,300
Average Cocke County Assessed Value
$94,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newport, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37821 | $21,370 | $46,300 | $89,300 | $136,300 | $192,030 |
Source: Ownwell
Property Tax Bills Across Newport, Tennessee
Property tax bills in Newport, Cocke County, TN, are calculated based on the assessed value of the property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Newport, the median home price is $89,300. The tax bill can vary significantly, with the 25th percentile at $269 and the 75th percentile at $1,051. For those in the 90th percentile, the tax bill can reach up to $1,560. These bills are influenced by various factors, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Newport's tax rates offer a diverse range of financial impacts on homeowners. The highest and lowest median tax bills in the area are both $628, found in the 37821 zip code. Understanding these factors helps homeowners anticipate their annual expenses and budget accordingly.
Average Newport Tax Bill
$628
Average Cocke County Tax Bill
$618
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Newport, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37821 | $58 | $269 | $628 | $1,051 | $1,560 |
Source: Ownwell