Newport, Tennessee Property Taxes
The median property tax rate in Newport, TN is 0.49%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Newport, the typical annual property tax bill reaches $82, significantly below the national median of $2,690. Property taxes in Newport 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 Newport'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 Newport 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
Newport, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$81
Ownwell’s Newport Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to easily estimate their annual property taxes in Newport using just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Newport to provide an estimated property tax bill. This valuable tool aids in understanding potential tax liabilities. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Newport, Tennessee
Property taxes in Newport, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newport is 0.49%, notably lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Newport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newport 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 Newport's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37821 zip code has both the highest and lowest median property tax rate at 0.49%. Understanding how these areas compare with Newport 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 Newport 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 Newport, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37821 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Newport, Tennessee
In Newport, 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 Newport, 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 Newport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest tax bill is 37821, with an annual bill of $82, while the lowest is also 37821, with the same annual bill of $82.
Average Newport Assessed Value
$16,600
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 Newport, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37821 | $16,600 | $16,600 | $16,600 | $16,600 | $16,600 |
Source: Ownwell
Property Tax Bills Across Newport, Tennessee
In Newport, Tennessee, property tax bills are calculated based on the assessed value of a home, which is determined by the Hamblen County Assessor's Office. The assessed value is a percentage of the property's market value, and the tax rate is applied to this assessed value to determine the tax bill. For Newport homeowners, the tax rate is influenced by local government budgets and the needs of public services like schools and infrastructure. Homeowners in Newport experience a relatively low property tax burden. For instance, the median home price in Newport is $16,600, and the tax bill for homes at the 25th, 75th, and 90th percentiles is consistently $82. This contrasts significantly with the national median property tax rate of 0.99%, highlighting the affordability of property taxes in Newport. Lower property taxes can make homeownership more accessible and financially manageable for residents, contributing to the overall appeal of living in this Tennessee city.
Average Newport Tax Bill
$82
Average Hamblen County Tax Bill
$619
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Newport, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37821 | $82 | $82 | $82 | $82 | $82 |
Source: Ownwell