Elora, Tennessee Property Taxes
The median property tax rate in Elora, Tennessee is 0.47%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Elora, the typical annual property tax bill reaches $800, significantly below the national median of $2,690. Property taxes in Elora are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elora'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 Elora or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elora, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$807
Ownwell’s Elora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elora 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 Elora, Tennessee
Property taxes in Elora, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elora is 0.47%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Elora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elora 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 Elora's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37328 zip code has both the highest and lowest median property tax rate of 0.47%. Understanding how these cities compare with Elora 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 Elora Tax Rate
0.47%
Average Franklin County Tax Rate
0.47%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elora, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37328 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Elora, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Elora, Tennessee. 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. In Elora, 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. The median home price in Elora is $171,800, with tax bills ranging from $594 at the 25th percentile to $1,993 at the 90th percentile. Notably, the highest and lowest median tax bills are both $800 in the 37328 zip code. 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 Elora Assessed Value
$171,800
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 Elora, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37328 | $96,820 | $133,700 | $171,800 | $266,100 | $436,860 |
Source: Ownwell
Property Tax Bills Across Elora, Tennessee
In Elora, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Elora, located in Franklin County, can expect their property tax bills to vary depending on several factors, including the assessed value of their property and the local tax rate. For instance, the median home price in Elora is $171,800. The property tax bill for the 25th percentile is around $594, while for the 75th percentile, it is approximately $1248. At the 90th percentile, homeowners might see tax bills as high as $1993. These figures indicate a range of property tax burdens that can significantly impact household budgets. Compared to the national median property tax rate of 0.99%, the property tax rates in Elora can be considered moderate. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Elora Tax Bill
$800
Average Franklin County Tax Bill
$1,112
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Elora, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37328 | $454 | $594 | $800 | $1,248 | $1,993 |
Source: Ownwell