Scotts Hill, Tennessee Property Taxes
The median property tax rate in Scotts Hill, TN is 0.65%, slightly higher than the Tennessee state median of 0.64% but lower than the national median of 0.99%. With a median home value of $66,100 in Scotts Hill, the typical annual property tax bill is $426, well below the national median of $2,690. Property taxes in Scotts Hill are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Scotts Hill'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 Scotts Hill or another part of Decatur County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Scotts Hill, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$430
$399
Ownwell’s Scotts Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Scotts Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scotts Hill 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 Scotts Hill, Tennessee
Property taxes in Scotts Hill, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Scotts Hill is 0.65%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Scotts Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scotts Hill 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 Scotts Hill's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38374 has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Scotts Hill provides valuable insights into the varying tax landscape across Decatur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Scotts Hill Tax Rate
0.65%
Average Decatur County Tax Rate
0.65%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scotts Hill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38374 | 0.64% | 0.64% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Scotts Hill, Tennessee
In Scotts Hill, 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 Decatur 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 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 Scotts Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Scotts Hill is $66,100, with annual tax bills ranging from $233 at the 25th percentile to $1,310 at the 90th percentile. The zip code with the highest and lowest median tax bill is 38374, both at $426.
Average Scotts Hill Assessed Value
$66,100
Average Decatur County Assessed Value
$75,850
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Scotts Hill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38374 | $21,200 | $36,300 | $66,100 | $111,900 | $202,300 |
Source: Ownwell
Property Tax Bills Across Scotts Hill, Tennessee
In Scotts Hill, Decatur County, TN, property tax bills are calculated based on the assessed value of a home. The process begins with the local assessor determining the market value of the property. This value is then assessed at a percentage of its market value, as dictated by Tennessee state law. The assessed value is multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and age, as well as any improvements made. Homeowners in Scotts Hill can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $233, while the 75th percentile tax bill is $724. At the 90th percentile, the tax bill can reach up to $1,310. These property taxes impact homeowners by contributing to local services such as schools, fire departments, and road maintenance. Compared to the national median property tax rate of 0.99%, Scotts Hill offers a relatively affordable property tax environment, making it an attractive option for potential homeowners.
Average Scotts Hill Tax Bill
$426
Average Decatur County Tax Bill
$529
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Scotts Hill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38374 | $137 | $233 | $426 | $724 | $1,310 |
Source: Ownwell