Grand Junction, Fayette County, Tennessee Property Taxes
The median property tax rate in Grand Junction, TN is 0.32%, which is significantly lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With a median home value of $51,800 in Grand Junction, the typical annual property tax bill amounts to $168, far below the national median of $2,690. Property taxes in Grand Junction are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Grand Junction'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 Grand Junction or another part of Fayette County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grand Junction, Fayette County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$166
$154
Ownwell’s Grand Junction Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Junction with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Junction 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 Grand Junction, Fayette County, Tennessee
Property taxes in Grand Junction, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Junction is 0.66%, which is higher than the Tennessee state median of 0.64% but still below the U.S. national median of 0.99%. Local government entities within Grand Junction set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Junction 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 Grand Junction'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 0.91%, while the lowest median tax rate is 0.34%. Understanding how these cities compare with Grand Junction 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 Grand Junction Tax Rate
0.32%
Average Fayette County Tax Rate
0.32%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Junction, Fayette County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38039 | 0.32% | 0.32% | 0.32% | 0.32% | 0.33% |
Source: Ownwell
Property Tax Assessment Values Across Grand Junction, Fayette County, Tennessee
In Grand Junction, 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. In Grand Junction, 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 Grand Junction helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $51,800, with tax bills ranging from $82 at the 25th percentile to $580 at the 90th percentile. The highest and lowest median tax bills are both $168, found in zip code 38039.
Property Tax Assessment Values Across Grand Junction, Fayette County, Tennessee
Source: Ownwell
$51,800
$247,625
$443,450
Average Grand Junction Assessed Value
$51,800
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 Grand Junction, Fayette County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38039 | $12,060 | $24,700 | $51,800 | $103,675 | $169,800 |
Source: Ownwell
Property Tax Bills Across Grand Junction, Fayette County, Tennessee
In Grand Junction, Tennessee, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in the city is $51,800. Homeowners in this area can expect their property tax bills to vary significantly depending on their property's assessed value and the applicable tax rate. For instance, the 25th percentile tax bill is $82, while the 75th percentile tax bill reaches $334. At the higher end, the 90th percentile tax bill is $580. Several factors influence the final tax bill, including the assessed value of the property and the local tax rate. Homeowners with properties in the zip code 38039 experience a median tax bill of $168, which is consistent across the board. Compared to the national median property tax rate of 0.99%, Grand Junction's property tax rates can be considered relatively moderate, making it an appealing option for homeowners looking for lower property tax liabilities.
Average Grand Junction Tax Bill
$168
Average Fayette County Tax Bill
$616
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Junction, Fayette County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38039 | $39 | $82 | $168 | $334 | $580 |
Source: Ownwell