Frankewing, Tennessee Property Taxes
The median property tax rate in Frankewing, TN is 0.50%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $103,700 in Frankewing, the typical annual property tax bill is around $515, well below the national median of $2,690. Property taxes in Frankewing are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Frankewing'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 Frankewing or another part of Giles County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Frankewing, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$519
Ownwell’s Frankewing Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frankewing with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frankewing 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 Frankewing, Tennessee
Property taxes in Frankewing, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankewing is 0.50%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Frankewing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frankewing 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 Frankewing's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38459 zip code has the highest median property tax rate of 0.50%, while the 38459 zip code also has the lowest median tax rate of 0.50%. Understanding how these areas compare with Frankewing provides valuable insights into the varying tax landscape across Giles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frankewing Tax Rate
0.50%
Average Giles County Tax Rate
0.50%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frankewing, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38459 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Frankewing, Tennessee
In Frankewing, 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 Giles 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 Frankewing, 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 Frankewing helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Frankewing are both $515, found in the zip code 38459.
Average Frankewing Assessed Value
$103,700
Average Giles County Assessed Value
$155,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frankewing, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38459 | $43,020 | $78,200 | $103,700 | $146,250 | $247,000 |
Source: Ownwell
Property Tax Bills Across Frankewing, Tennessee
In Frankewing, located in Giles County, TN, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local tax assessor and typically represents a percentage of the property's market value. For homeowners in Frankewing, the median home price is $103,700, which serves as a baseline for calculating property taxes. Several factors influence the final tax bill, including the property's assessed value and the local tax rate. In Frankewing, the tax bills vary significantly: the 25th percentile tax bill is $388, while the 75th percentile tax bill is $714. Those at the 90th percentile can see tax bills as high as $1,226. The highest and lowest median tax bills in the area are both $515, indicating some consistency in property tax assessments within this zip code. For homeowners, these tax bills can impact household budgeting and long-term financial planning. Understanding how these taxes are calculated helps homeowners make informed decisions about their properties and financial health.
Average Frankewing Tax Bill
$515
Average Giles County Tax Bill
$838
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Frankewing, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38459 | $213 | $388 | $515 | $714 | $1,226 |
Source: Ownwell