Bean Station, Tennessee Property Taxes
The median property tax rate in Bean Station, TN is 0.59%, noticeably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Bean Station at $109,550, the typical annual property tax bill is $588, significantly below the national median of $2,690. Property taxes in Bean Station are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Bean Station'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 Bean Station or another part of Grainger County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bean Station, 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 Bean Station Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bean Station with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bean Station 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 Bean Station, Tennessee
Property taxes in Bean Station, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bean Station is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Bean Station set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bean Station 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 Bean Station's effective property tax rate to other areas in Tennessee and the national median. For comparison, zip code 37708 has both the highest and lowest median property tax rate of 0.59%. Understanding how these cities compare with Bean Station provides valuable insights into the varying tax landscape across Grainger County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bean Station Tax Rate
0.59%
Average Grainger County Tax Rate
0.59%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bean Station, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37708 | 0.15% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Bean Station, Tennessee
In Bean Station, 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 Grainger 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 Bean Station, 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 Bean Station 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 is 37708, both at $588.
Average Bean Station Assessed Value
$109,550
Average Grainger County Assessed Value
$110,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bean Station, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37708 | $24,100 | $58,200 | $109,550 | $173,100 | $251,310 |
Source: Ownwell
Property Tax Bills Across Bean Station, Tennessee
In Bean Station, located in Grainger County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor’s office and reflects a percentage of the property's market value. Homeowners in Bean Station can expect their property tax bills to vary significantly depending on the assessed value of their properties. For instance, the tax bill at the 25th percentile is around $230, whereas at the 75th percentile, it rises to $968, and at the 90th percentile, it can go up to $1454. These property tax bills are influenced by various factors, including the median home price in the area, which stands at $109,550. Compared to the national median property tax rate of 0.99%, Bean Station offers relatively affordable property taxes, making it an attractive location for homeowners. However, the specific tax burden can vary widely within the city, with the highest and lowest median tax bills both recorded at $588 in the zip code 37708.
Average Bean Station Tax Bill
$588
Average Grainger County Tax Bill
$597
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Bean Station, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37708 | $41 | $230 | $588 | $968 | $1,454 |
Source: Ownwell