Summertown, Tennessee Property Taxes
The median property tax rate in Summertown, TN is 0.50%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Summertown, the typical annual property tax bill is $555, well below the national median of $2,690. Property taxes in Summertown 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 Summertown'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 Summertown 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
Summertown, 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 Summertown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summertown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summertown 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 Summertown, Tennessee
Property taxes in Summertown, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summertown 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 Summertown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summertown 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 Summertown's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38483 zip code has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these cities compare with Summertown 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 Summertown 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 Summertown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38483 | 0.50% | 0.50% | 0.50% | 0.50% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Summertown, 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 Summertown, 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 Summertown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Summertown is $104,850, with tax bills ranging from $226 at the 25th percentile to $1,529 at the 90th percentile, while the highest and lowest median tax bills are both $555 in zip code 38483.
Average Summertown Assessed Value
$104,850
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 Summertown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38483 | $26,950 | $45,650 | $104,850 | $168,725 | $264,210 |
Source: Ownwell
Property Tax Bills Across Summertown, Tennessee
In Summertown, located in Giles County, TN, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The assessed value is a percentage of the property's market value, which is determined by the local assessor's office. For instance, with a median home price of $104,850, the assessed value forms the basis for the tax calculation. The tax rate, applied to this assessed value, ultimately determines the annual tax bill. In Summertown, the tax bills vary significantly, with the 25th percentile at $226, the 75th percentile at $842, and the 90th percentile reaching $1,529. The median tax bill in the area is $555, consistent across the 38483 zip code. These tax bills directly impact homeowners by influencing their overall housing costs. Lower property taxes can make homeownership more affordable, while higher taxes might necessitate budgeting adjustments. Understanding how these factors interplay is crucial for homeowners planning their finances.
Average Summertown Tax Bill
$555
Average Giles County Tax Bill
$838
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Summertown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38483 | $136 | $226 | $555 | $842 | $1,529 |
Source: Ownwell