Fairfield Glade, Tennessee Property Taxes
The median property tax rate in Fairfield Glade, TN is 0.28%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $62,800 in Fairfield Glade, the typical annual property tax bill is $178, which is well below the national median of $2,690. Property taxes in Fairfield Glade are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Fairfield Glade's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Fairfield Glade or another part of Cumberland County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairfield Glade, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Fairfield Glade Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fairfield Glade with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Fairfield Glade to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, allowing for better financial planning. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by Cumberland County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Fairfield Glade, Tennessee
Property taxes in Fairfield Glade, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairfield Glade is 0.28%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Fairfield Glade set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairfield Glade 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 Fairfield Glade's effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest median property tax rate in Tennessee is found in Williamson County at 0.56%, while the lowest median tax rate is in Sevier County at 0.34%. Understanding how these cities compare with Fairfield Glade provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairfield Glade Tax Rate
0.28%
Average Cumberland County Tax Rate
0.28%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairfield Glade, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38558 | 0.28% | 0.28% | 0.28% | 0.28% | 0.28% |
Source: Ownwell
Property Tax Assessment Values Across Fairfield Glade, Tennessee
In Fairfield Glade, 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 Cumberland 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 Fairfield Glade, 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 is $62,800, and tax bills in the area show significant variation. For instance, the 25th percentile tax bill is $145, while the 75th percentile tax bill is $211. The highest and lowest median tax bills are both $178, found in the 38558 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 in Fairfield Glade helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Fairfield Glade, Tennessee
Source: Ownwell
$62,800
$178,950
$295,100
Average Fairfield Glade Assessed Value
$62,800
Average Cumberland County Assessed Value
$180,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairfield Glade, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38558 | $44,240 | $51,200 | $62,800 | $74,400 | $81,360 |
Source: Ownwell
Property Tax Bills Across Fairfield Glade, Tennessee
In Fairfield Glade, located in Cumberland County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by multiplying the market value by the assessment ratio set by the state. For homeowners, this means that their tax bill is directly influenced by the value of their property and the local tax rate. The median home price in Fairfield Glade is $62,800, and property tax bills can vary significantly. At the 25th percentile, homeowners might pay around $145, while those at the 75th percentile could see bills of approximately $211. The highest median tax bill stands at $178 in the 38558 zip code. These tax bills are relatively lower compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Fairfield Glade Tax Bill
$178
Average Cumberland County Tax Bill
$512
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairfield Glade, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38558 | $125 | $145 | $178 | $211 | $231 |
Source: Ownwell