Talbott, Tennessee Property Taxes
The median property tax rate in Talbott, 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 Talbott at $130,200, the typical annual property tax bill amounts to $647, well below the national median of $2,690. Property taxes in Talbott are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Talbott's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Talbott or another part of Hamblen County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Talbott, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$638
Ownwell’s Talbott Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Talbott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Talbott to provide an estimated 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 Talbott, Tennessee
Property taxes in Talbott, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Talbott is 0.49%, which is lower than the U.S. national median of 0.99%. Local government entities within Talbott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Talbott 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 Talbott's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37877 has both the highest and lowest median property tax rate of 0.49%. Understanding how these areas compare with Talbott 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 Talbott 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 Talbott, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37877 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Talbott, Tennessee
In Talbott, 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 Talbott, 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 Talbott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Talbott are both $647, found in the 37877 zip code.
Average Talbott Assessed Value
$130,200
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 Talbott, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37877 | $22,170 | $80,075 | $130,200 | $168,225 | $245,080 |
Source: Ownwell
Property Tax Bills Across Talbott, Tennessee
In Talbott, Hamblen County, TN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. For example, with a median home price of $130,200, the assessed value is used to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value. The local tax rate is then applied to this assessed value to determine the final tax bill. Homeowners in Talbott can expect tax bills to vary significantly; the 25th percentile tax bill is around $402, while the 75th percentile reaches $838, and the 90th percentile can be as high as $1,241. Compared to the national median property tax rate of 0.99%, Talbott's tax rates are relatively modest, providing some relief to homeowners. Understanding these factors helps residents anticipate their property tax obligations and manage their finances accordingly.
Average Talbott Tax Bill
$647
Average Hamblen County Tax Bill
$619
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Talbott, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37877 | $110 | $402 | $647 | $838 | $1,241 |
Source: Ownwell