Tazewell, Tennessee Property Taxes
The median property tax rate in Tazewell, TN is 0.59%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Tazewell at $99,100, the typical annual property tax bill reaches $582, well below the national median of $2,690. Property taxes in Tazewell are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tazewell'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 Tazewell 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
Tazewell, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$585
Ownwell’s Tazewell Property Tax Bill Calculator assists any homeowner, real estate investor, or potential owner in estimating their annual property taxes in Tazewell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tazewell 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 Tazewell, Tennessee
Property taxes in Tazewell, Tennessee, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Tazewell is 0.59%, which is lower than both the Tennessee state median of 0.71% and the U.S. national median of 0.99%. Local government entities within Tazewell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tazewell 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 Tazewell's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37879 zip code has both the highest and lowest median property tax rate of 0.59%. Understanding how these cities compare with Tazewell 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 Tazewell 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 Tazewell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37879 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Tazewell, Tennessee
In Tazewell, 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 local 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 Tazewell, 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. The median home price in Tazewell is $99,100, with tax bills ranging from $521 at the 25th percentile to $1,068 at the 90th percentile. The zip code 37879 has the highest median tax bill at $582. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tazewell Assessed Value
$99,100
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 Tazewell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37879 | $86,900 | $88,700 | $99,100 | $101,200 | $181,780 |
Source: Ownwell
Property Tax Bills Across Tazewell, Tennessee
In Tazewell, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. For instance, with a median home price of $99,100, the assessed value will be a fraction of this amount, and the property tax rate is then applied to this assessed value. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. In Grainger County, where Tazewell is located, the median property tax bill is $582. Homeowners in the 25th percentile pay around $521, while those in the 75th percentile pay approximately $595. For the top 10% of property values, the tax bill can go up to $1,068. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual expenses. By being aware of how these taxes are calculated, homeowners can better plan their finances and potentially explore options for appealing their tax assessments.
Average Tazewell Tax Bill
$582
Average Grainger County Tax Bill
$597
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Tazewell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37879 | $510 | $521 | $582 | $595 | $1,068 |
Source: Ownwell