Soddy Daisy, Hamilton County, Tennessee Property Taxes
The median property tax rate in Soddy Daisy, TN is 0.57%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $195,700 in Soddy Daisy, the typical annual property tax bill is $1,233, which is well below the national median of $2,690. Property taxes in Soddy Daisy are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Soddy Daisy'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 Soddy Daisy 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
Soddy Daisy, Hamilton County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$1,115
$1,035
Ownwell’s Soddy Daisy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Soddy Daisy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Soddy Daisy 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 Hamilton County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Soddy Daisy, Hamilton County, Tennessee
Property taxes in Soddy Daisy, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Soddy Daisy is 0.57%, which is lower than the U.S. national median of 0.99%. Local government entities within Soddy Daisy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Soddy Daisy 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 Soddy Daisy's effective property tax rate to other regions in Hamilton County and the national median. For comparison, the zip code 37379 has both the highest and lowest median property tax rate of 0.57%. Understanding how these cities compare with Soddy Daisy 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 Soddy Daisy Tax Rate
0.57%
Average Hamilton County Tax Rate
0.56%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Soddy Daisy, Hamilton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37379 | 0.56% | 0.56% | 0.57% | 0.84% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Soddy Daisy, Hamilton County, Tennessee
In Soddy Daisy, 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 Hamilton County Assessor's Office 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 Soddy Daisy, 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. The zip code with the highest and lowest median tax bill is 37379, with a median tax bill of $1,233. Being aware of these valuation processes in Soddy Daisy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Soddy Daisy, Hamilton County, Tennessee
Source: Ownwell
$44,900
$299,425
$553,950
Average Soddy Daisy Assessed Value
$195,700
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 Soddy Daisy, Hamilton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37379 | $69,200 | $116,300 | $195,700 | $284,400 | $424,580 |
Source: Ownwell
Property Tax Bills Across Soddy Daisy, Hamilton County, Tennessee
In Soddy Daisy, located in Hamilton County, TN, property tax bills are calculated based on the assessed value of a property. The assessed value is a percentage of the property's market value, which is determined by the county assessor. Factors such as property size, location, and condition are considered to estimate the market value. Once the assessed value is determined, the local tax rate is applied to calculate the annual tax bill. For homeowners in Soddy Daisy, the median home price stands at $195,700. Property tax bills can vary significantly, with the 25th percentile paying around $810 and the 75th percentile paying approximately $1,871 annually. Those in the 90th percentile face tax bills as high as $2,647. The highest and lowest median tax bills in the area are both reported at $1,233 in the 37379 zip code. Compared to the national median property tax rate of 0.99%, homeowners in Soddy Daisy can expect relatively moderate property tax bills, impacting their annual financial planning.
Average Soddy Daisy Tax Bill
$1,233
Average Hamilton County Tax Bill
$1,209
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Soddy Daisy, Hamilton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37379 | $468 | $810 | $1,233 | $1,871 | $2,647 |
Source: Ownwell