Cleveland, Tennessee Property Taxes
The median property tax rate in Cleveland, TN is 0.56%, significantly lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With a median home value of $353,400 in Cleveland, the typical annual property tax bill amounts to $1,554, which is well below the national median of $2,690. Property taxes in Cleveland are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Navigating Cleveland's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Cleveland or another part of Hamilton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cleveland, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,979
$1,836
Ownwell’s Cleveland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cleveland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cleveland 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 Cleveland, Tennessee
Property taxes in Cleveland, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cleveland is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Cleveland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cleveland 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 Cleveland's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37311 zip code has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these areas compare with Cleveland provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cleveland Tax Rate
0.56%
Average Hamilton County Tax Rate
0.56%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cleveland, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37311 | 0.25% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Cleveland, Tennessee
In Cleveland, 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 Cleveland, 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 Cleveland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Cleveland is $1,554 in the 37311 zip code, while the lowest median tax bill is also $1,554 in the same zip code.
Average Cleveland Assessed Value
$353,400
Average Hamilton County Assessed Value
$194,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cleveland, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37311 | $191,760 | $250,100 | $353,400 | $504,850 | $642,800 |
Source: Ownwell
Property Tax Bills Across Cleveland, Tennessee
In Cleveland, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. Local tax rates, known as millage rates, are then applied to this assessed value to determine the final tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. For example, the median home price in Cleveland is $353,400, which can lead to varied tax bills across different percentiles. Homeowners in the 25th percentile might see tax bills around $1,136, while those in the 75th percentile could pay approximately $2,193. The 90th percentile tax bill can reach up to $2,940, reflecting the higher-end properties. The highest and lowest median tax bills in Cleveland are both reported in the 37311 zip code, standing at $1,554. Compared to the national median property tax rate of 0.99%, Cleveland's tax rates can significantly impact homeowners, influencing their overall housing affordability and long-term financial planning.
Average Cleveland Tax Bill
$1,554
Average Hamilton County Tax Bill
$1,209
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Cleveland, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37311 | $1,022 | $1,136 | $1,554 | $2,193 | $2,940 |
Source: Ownwell