Friendship, Tennessee Property Taxes
The median property tax rate in Friendship, TN is 0.56%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $96,250 in Friendship, the typical annual property tax bill amounts to $536, well below the national median of $2,690. Property taxes in Friendship are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Friendship'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 Friendship or another part of Crockett County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Friendship, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$539
Ownwell’s Friendship Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Friendship. By simply inputting your property's estimated assessed value, the calculator uses the median tax rate in Friendship to provide an accurate estimate of your property tax bill. This tool is designed to help you grasp your potential tax liabilities clearly. For those interested in more detailed trends at a neighborhood level, additional localized information is available by scrolling down. Your property's assessed value, determined by the county, is crucial for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Friendship, Tennessee
Property taxes in Friendship, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Friendship is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Friendship set these rates annually, and they can vary significantly across different neighborhoods. Each year, Friendship 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. Understanding Friendship's effective property tax rate in comparison to other areas in Crockett County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Friendship Tax Rate
0.56%
Average Crockett County Tax Rate
0.56%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Friendship, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38034 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Friendship, Tennessee
In Friendship, 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 Crockett 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 Friendship, 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. For instance, the median home price in Friendship is $96,250, with tax bills ranging from $340 at the 25th percentile to $1,217 at the 90th percentile. The highest median tax bill is $536 in zip code 38034, which also has the lowest median 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 Friendship helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Friendship Assessed Value
$96,250
Average Crockett County Assessed Value
$110,100
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Friendship, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38034 | $29,600 | $60,900 | $96,250 | $144,825 | $222,470 |
Source: Ownwell
Property Tax Bills Across Friendship, Tennessee
In Friendship, located in Crockett County, TN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value of the property, which in Friendship, can vary depending on the specific characteristics and location of the home. For instance, with a median home price of $96,250, property taxes are calculated based on this assessed value. Factors such as property size, age, and improvements can influence the assessed value, thereby affecting the tax bill. Homeowners in Friendship can expect their tax bills to fall within a range, with the 25th percentile at $340 and the 75th percentile at $806. The highest median tax bill recorded in the area is $536, which aligns with the lowest median tax bill, indicating a consistency in tax assessments within the zip code 38034. This rate is relatively modest compared to the national median property tax rate of 0.99%, providing a more affordable tax environment for homeowners.
Average Friendship Tax Bill
$536
Average Crockett County Tax Bill
$616
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Friendship, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38034 | $165 | $340 | $536 | $806 | $1,217 |
Source: Ownwell