Goodspring, Tennessee Property Taxes
The median property tax rate in Goodspring, 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 $144,250 in Goodspring, the typical annual property tax bill is around $717, which is considerably less than the national median of $2,690. Property taxes in Goodspring are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Goodspring'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 Goodspring or another part of Giles County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Goodspring, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$721
$669
Ownwell’s Goodspring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Goodspring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Goodspring 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 Giles County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Goodspring, Tennessee
Property taxes in Goodspring, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Goodspring is 0.50%, which is lower than the U.S. national median of 0.99%. Local government entities within Goodspring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Goodspring 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 Goodspring's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38460 zip code has both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with Goodspring 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 Goodspring 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 Goodspring, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38460 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Goodspring, Tennessee
In Goodspring, 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 Goodspring, 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 Goodspring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Goodspring is $144,250, with tax bills ranging from $492 at the 25th percentile to $1,424 at the 90th percentile.
Average Goodspring Assessed Value
$144,250
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 Goodspring, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38460 | $59,600 | $99,125 | $144,250 | $214,025 | $283,550 |
Source: Ownwell
Property Tax Bills Across Goodspring, Tennessee
In Goodspring, Tennessee, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. For instance, a median home price in Goodspring is around $144,250. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. For example, in Giles County, where Goodspring is located, the tax bill for the 25th percentile of homes is approximately $492, while it rises to $1,070 for the 75th percentile and $1,424 for the 90th percentile. These property taxes play a significant role in homeowners' annual expenses, impacting their overall cost of living. Compared to the national median property tax rate of 0.99%, Goodspring offers a relatively affordable tax environment, making it an attractive option for potential homeowners.
Average Goodspring Tax Bill
$717
Average Giles County Tax Bill
$838
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Goodspring, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38460 | $294 | $492 | $717 | $1,070 | $1,424 |
Source: Ownwell