Kodak, Tennessee Property Taxes
The median property tax rate in Kodak, TN is 0.79%, which is lower than the national median of 0.99% but higher than Tennessee's state median of 0.64%. With a median home value of $38,150 in Kodak, the typical annual property tax bill amounts to $301, significantly below the national median of $2,690. Property taxes in Kodak are calculated based on the tax assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Kodak'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 Kodak or another part of Hamblen County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kodak, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$301
Ownwell’s Kodak Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kodak with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kodak 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 Kodak, Tennessee
Property taxes in Kodak, Tennessee, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Kodak is 0.79%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Kodak set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kodak 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. Understanding how Kodak's effective property tax rate compares 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 Kodak Tax Rate
0.79%
Average Hamblen County Tax Rate
0.49%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kodak, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37764 | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Kodak, Tennessee
In Kodak, 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 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 Kodak, 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 Kodak 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 37764, both standing at $301.
Average Kodak Assessed Value
$38,150
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 Kodak, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37764 | $28,990 | $32,425 | $38,150 | $43,875 | $47,310 |
Source: Ownwell
Property Tax Bills Across Kodak, Tennessee
In Kodak, located in Hamblen County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $38,150, the property tax bills range from the 25th percentile at $256 to the 75th percentile at $346, with the 90th percentile reaching $373. These figures highlight the relatively affordable property tax environment in Kodak compared to the national median property tax rate of 0.99%. Factors influencing the tax bill include the home's assessed value and the local tax rate set by Hamblen County. Understanding these components is crucial for homeowners, as they directly impact the annual financial obligations tied to property ownership. Homeowners in Kodak benefit from lower property tax rates, making it an attractive option for those looking to manage their housing costs effectively.
Average Kodak Tax Bill
$301
Average Hamblen County Tax Bill
$619
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Kodak, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37764 | $229 | $256 | $301 | $346 | $373 |
Source: Ownwell