Sherwood, Tennessee Property Taxes
The median property tax rate in Sherwood, TN is 0.47%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $105,300 in Sherwood, the typical annual property tax bill amounts to $491, which is well below the national median of $2,690. Property taxes in Sherwood 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 Sherwood'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 Sherwood 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
Sherwood, 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 Sherwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sherwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sherwood 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 Sherwood, Tennessee
Property taxes in Sherwood, Tennessee, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Sherwood is 0.47%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Sherwood set these rates annually, and they can vary across different neighborhoods. Each year, Sherwood 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 Sherwood's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37376 zip code has the highest median property tax rate of 0.47%, while also having the lowest median tax rate of 0.47%. Understanding how these areas compare with Sherwood 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 Sherwood 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 Sherwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37376 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Sherwood, Tennessee
In Sherwood, 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. 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 Sherwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Sherwood is 37376, with a median tax bill of $491.
Average Sherwood Assessed Value
$105,300
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 Sherwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37376 | $32,660 | $54,500 | $105,300 | $195,600 | $329,140 |
Source: Ownwell
Property Tax Bills Across Sherwood, Tennessee
In Sherwood, located in Franklin County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, which is determined by the county assessor. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. For instance, the median home price in Sherwood is $105,300. Homeowners in the 25th percentile can expect a tax bill around $253, while those in the 75th percentile might see a bill closer to $907. At the 90th percentile, the tax bill can rise to approximately $1,543. These property taxes fund essential local services, such as schools, public safety, and infrastructure, thereby directly affecting homeowners. The median property tax rate in Sherwood is lower than the national median of 0.99%, making it relatively affordable compared to other regions.
Average Sherwood Tax Bill
$491
Average Franklin County Tax Bill
$1,112
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Sherwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37376 | $143 | $253 | $491 | $907 | $1,543 |
Source: Ownwell