Bulls Gap, Tennessee Property Taxes
The median property tax rate in Bulls Gap, TN, is 0.49%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Bulls Gap at $28,000, the typical annual property tax bill is $158, far below the national median of $2,690. Property taxes in Bulls Gap 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 Bulls Gap'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 Bulls Gap 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
Bulls Gap, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$137
Ownwell’s Bulls Gap Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bulls Gap to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and plan your finances accordingly. For those interested in more granular insights, scroll down to explore trends at the neighborhood level. Your property’s assessed value is determined by Hamblen County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Bulls Gap, Tennessee
Property taxes in Bulls Gap, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bulls Gap is 0.49%, which is significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Bulls Gap set these rates annually, and they can vary across different neighborhoods. Each year, Bulls Gap 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 Bulls Gap's effective property tax rate to other areas within Hamblen County and the national median. For comparison, the zip code 37711 has the highest median property tax rate of 0.49%, while the same zip code also has the lowest median tax rate of 0.49%. Understanding how these areas compare with Bulls Gap provides valuable insights into the varying tax landscape across Hamblen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bulls Gap Tax Rate
0.49%
Average Hamblen County Tax Rate
0.49%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bulls Gap, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37711 | 0.49% | 0.49% | 0.49% | 0.49% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Bulls Gap, Tennessee
In Bulls Gap, 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 Hamblen 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 Bulls Gap, 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 Bulls Gap 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 37711, with a median tax bill of $158.
Average Bulls Gap Assessed Value
$28,000
Average Hamblen County Assessed Value
$105,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bulls Gap, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37711 | $6,540 | $9,700 | $28,000 | $121,250 | $139,160 |
Source: Ownwell
Property Tax Bills Across Bulls Gap, Tennessee
In Bulls Gap, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $28,000, the assessed value is determined by local assessment rates. The tax rate is then applied to this assessed value to calculate the tax bill. Several factors influence the final tax amount, including the property's location within Hamblen County, any applicable exemptions, and the specific tax rate set by local authorities. In Bulls Gap, the median tax bill is $158.00, which is relatively low compared to the national median property tax rate of 0.99%. Homeowners in Bulls Gap can expect tax bills ranging from $49 at the 25th percentile to $688 at the 90th percentile, depending on their property's assessed value and applicable exemptions. This relatively low property tax burden can make homeownership more affordable, but it's essential for homeowners to stay informed about any changes in assessment rates or local tax policies that could affect their annual tax bill.
Average Bulls Gap Tax Bill
$158
Average Hamblen County Tax Bill
$619
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Bulls Gap, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37711 | $32 | $49 | $158 | $598 | $688 |
Source: Ownwell