Gadsden, Tennessee Property Taxes
The median property tax rate in Gadsden, TN is 0.56%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Gadsden, the typical annual property tax bill reaches $604, significantly below the national median of $2,690. Property taxes in Gadsden are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gadsden'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 Gadsden 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
Gadsden, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$606
$563
Ownwell’s Gadsden Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gadsden with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gadsden 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 Gadsden, Tennessee
Property taxes in Gadsden, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gadsden is 0.56%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Gadsden set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gadsden 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 Gadsden's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38337 zip code has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Gadsden provides valuable insights into the varying tax landscape across Crockett County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gadsden 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 Gadsden, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38337 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Gadsden, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gadsden, Tennessee. 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. Assessment notices in Gadsden 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 Gadsden is $108,300, and the tax bill can vary significantly. The 25th percentile tax bill is $394, while the 75th percentile tax bill is $1054, and the 90th percentile tax bill reaches $1604. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps in identifying opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gadsden Assessed Value
$108,300
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 Gadsden, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38337 | $41,220 | $70,900 | $108,300 | $188,075 | $288,670 |
Source: Ownwell
Property Tax Bills Across Gadsden, Tennessee
Property tax bills in Gadsden, Crockett County, TN, are calculated based on the assessed value of the home and the local tax rate. The assessed value is a percentage of the home's market value, which is determined by the county assessor. For example, if the median home price in Gadsden is $108,300, the assessed value might be a fraction of this amount, depending on local assessment ratios. The tax rate is then applied to the assessed value to determine the annual property tax bill. In Gadsden, the tax bills can vary significantly. The 25th percentile of tax bills is around $394, while the 75th percentile reaches $1054, and the 90th percentile can be as high as $1604. For comparison, the national median property tax rate is 0.99%, which can help homeowners understand how their local rates compare. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Understanding these factors is crucial for homeowners to manage their finances and anticipate their annual property tax obligations.
Average Gadsden Tax Bill
$604
Average Crockett County Tax Bill
$616
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Gadsden, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38337 | $228 | $394 | $604 | $1,054 | $1,604 |
Source: Ownwell