Somerville, Tennessee Property Taxes
The median property tax rate in Somerville, Tennessee is 0.32%, substantially lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Somerville, the typical annual property tax bill is $308, significantly less than the national median of $2,690. Property taxes in Somerville are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Somerville'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 Somerville 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
Somerville, 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 Somerville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somerville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerville 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 Somerville, Tennessee
Property taxes in Somerville, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerville is 0.32%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Somerville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerville 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 Somerville's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 38060 zip code has the highest median property tax rate of 0.43%, while the same zip code also has the lowest median tax rate of 0.43%. Understanding how these areas compare with Somerville 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 Somerville 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 Somerville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38060 | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
| 38068 | 0.32% | 0.32% | 0.32% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Somerville, Tennessee
In Somerville, 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 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 Somerville, 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. Knowing these valuation processes in Somerville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $309 in the 38068 zip code, while the lowest median tax bill is also $309 in the same zip code. Understanding these figures can aid homeowners in making informed decisions regarding their property taxes.
Average Somerville Assessed Value
$84,000
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 Somerville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38060 | $5,300 | $5,300 | $5,300 | $5,300 | $5,300 |
| 38068 | $19,100 | $42,700 | $84,050 | $187,375 | $290,140 |
Source: Ownwell
Property Tax Bills Across Somerville, Tennessee
In Somerville, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For example, with a median home price of $84,000, the assessed value is determined by the local assessment rate. The property tax rate is then applied to this assessed value to calculate the tax bill. Several factors influence the tax bill, including the home's location within Fayette County and any applicable exemptions. For instance, tax bills can vary significantly, with the 25th percentile paying around $146 annually, while those in the 75th percentile pay about $656. At the higher end, the 90th percentile sees tax bills of approximately $1,136. These property taxes are crucial as they fund local services such as schools, public safety, and infrastructure. Homeowners in Somerville, therefore, benefit from these services but must budget for these varying tax obligations, which can impact their overall cost of homeownership.
Average Somerville Tax Bill
$308
Average Fayette County Tax Bill
$616
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38060 | $23 | $23 | $23 | $23 | $23 |
| 38068 | $65 | $146 | $309 | $657 | $1,136 |
Source: Ownwell