Cowan, Tennessee Property Taxes
The median property tax rate in Cowan, TN is 0.70%, which is lower than the national median of 0.99% but slightly higher than the Tennessee state median of 0.64%. With a median home value of $112,450 in Cowan, the typical annual property tax bill amounts to $738, significantly below the national median of $2,690. Property taxes in Cowan are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Cowan'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 Cowan or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cowan, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$787
Ownwell’s Cowan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cowan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cowan 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 Cowan, Tennessee
Property taxes in Cowan, Tennessee, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Cowan is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Cowan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cowan 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 Cowan's effective property tax rate to other areas in Franklin County and the national median. For comparison, the 37318 zip code has the highest median property tax rate of 0.70%, while the same zip code also has the lowest median tax rate of 0.70%. Understanding how these cities compare with Cowan provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cowan Tax Rate
0.70%
Average Franklin County Tax Rate
0.47%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cowan, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37318 | 0.47% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Cowan, Tennessee
In Cowan, 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 Franklin 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. For instance, the median home price in Cowan is $112,450, with tax bills at the 25th percentile being $492 and at the 75th percentile being $1,137. The highest and lowest median tax bills are both $738 in zip code 37318. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cowan Assessed Value
$112,450
Average Franklin County Assessed Value
$205,400
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cowan, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37318 | $39,880 | $73,525 | $112,450 | $169,600 | $249,550 |
Source: Ownwell
Property Tax Bills Across Cowan, Tennessee
In Cowan, Tennessee, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Cowan is $112,450. Factors such as property size, location, and improvements influence the assessed value. Once the assessed value is determined, local tax rates are applied to calculate the tax bill. Homeowners in Cowan face property tax bills that vary significantly. At the 25th percentile, the tax bill is $492, while at the 75th percentile, it rises to $1137. For those in the 90th percentile, the tax bill can reach up to $1572. Compared to the national median property tax rate of 0.99%, Cowan's property tax rates can be considered moderate. These tax bills impact homeowners by contributing to the cost of maintaining public services such as schools, infrastructure, and emergency services. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Cowan Tax Bill
$738
Average Franklin County Tax Bill
$1,112
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Cowan, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37318 | $251 | $492 | $738 | $1,137 | $1,572 |
Source: Ownwell