Tracy City, Grundy County, Tennessee Property Taxes
The median property tax rate in Tracy City, TN is 0.61%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value in Tracy City of $79,700, the typical annual property tax bill is $528, significantly below the national median of $2,690. Property taxes in Tracy City 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 Tracy City'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 Tracy City or another part of Grundy County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tracy City, Grundy County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$486
$451
Ownwell’s Tracy City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tracy City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tracy City 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 Grundy County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Tracy City, Grundy County, Tennessee
Property taxes in Tracy City, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tracy City is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Tracy City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tracy City 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 Tracy City's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37387 has both the highest and lowest median property tax rate of 0.61%. Understanding how these areas compare with Tracy City provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tracy City Tax Rate
0.61%
Average Grundy County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tracy City, Grundy County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37387 | 0.53% | 0.59% | 0.61% | 0.75% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Tracy City, Grundy County, Tennessee
In Tracy City, 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 Grundy County Assessor 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 Tracy City, 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. The median home price in Tracy City is $79,700, with tax bills ranging from $312 at the 25th percentile to $1,283 at the 90th percentile. The highest and lowest median tax bills are both $528, found in the zip code 37387. 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 Tracy City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Tracy City, Grundy County, Tennessee
Source: Ownwell
$47,600
$93,075
$138,550
Average Tracy City Assessed Value
$79,700
Average Grundy County Assessed Value
$82,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tracy City, Grundy County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37387 | $24,000 | $50,600 | $79,700 | $129,600 | $186,360 |
Source: Ownwell
Property Tax Bills Across Tracy City, Grundy County, Tennessee
In Tracy City, Grundy County, TN, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $79,700, the assessed value forms the basis for tax calculations. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property location, improvements, and exemptions can influence the assessed value and, consequently, the tax bill. Homeowners in Tracy City can expect property tax bills to vary significantly. The 25th percentile tax bill is around $312, while the 75th percentile reaches $852, and the 90th percentile can go up to $1,283. These variations depend on the specific characteristics and assessed values of individual properties. Compared to the national median property tax rate of 0.99%, Tracy City's tax rates offer a relatively manageable burden for homeowners, ensuring that property taxes remain a crucial consideration in homeownership costs.
Average Tracy City Tax Bill
$528
Average Grundy County Tax Bill
$512
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Tracy City, Grundy County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37387 | $140 | $312 | $528 | $852 | $1,283 |
Source: Ownwell