Gallaway, Tennessee Property Taxes
The median property tax rate in Gallaway, TN is 0.63%, slightly below both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $63,050 in Gallaway, the typical annual property tax bill is $398, significantly lower than the national median of $2,690. Property taxes in Gallaway are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gallaway'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 Gallaway or another part of Fayette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gallaway, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$397
$369
Ownwell’s GALLAWAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GALLAWAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GALLAWAY 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 Gallaway, Tennessee
Property taxes in Gallaway, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gallaway is 0.63%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Gallaway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gallaway 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 Gallaway's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 38036 zip code has the same median property tax rate of 0.63%. Understanding how these areas compare with Gallaway provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gallaway Tax Rate
0.63%
Average Fayette County Tax Rate
0.32%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gallaway, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38036 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Gallaway, Tennessee
In Gallaway, 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 Fayette 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 Gallaway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Gallaway is $63,050, with tax bills ranging from $216 at the 25th percentile to $568 at the 90th percentile. Interestingly, the zip code 38036 holds both the highest and lowest median tax bill at $398.
Average Gallaway Assessed Value
$63,050
Average Fayette County Assessed Value
$164,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gallaway, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38036 | $6,830 | $34,325 | $63,050 | $79,350 | $89,970 |
Source: Ownwell
Property Tax Bills Across Gallaway, Tennessee
Property tax bills in Gallaway, located in Fayette County, TN, are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Gallaway is $63,050. The local tax rate is then applied to this assessed value to determine the tax bill. For example, homeowners in the 25th percentile pay around $216 annually, while those in the 75th percentile see bills closer to $501. At the 90th percentile, tax bills can reach up to $568. Several factors influence these tax bills, including property size, location, and improvements made to the home. Comparatively, the national median property tax rate is 0.99%, making Gallaway's rates relatively modest. For homeowners, understanding these factors and how they contribute to the overall tax bill is crucial for financial planning and property investment decisions. The consistency in median tax bills, with both the highest and lowest at $398 in zip code 38036, highlights the stability of property taxes in this region.
Average Gallaway Tax Bill
$398
Average Fayette County Tax Bill
$616
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Gallaway, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38036 | $43 | $216 | $398 | $501 | $568 |
Source: Ownwell