Sneedville, Tennessee Property Taxes
The median property tax rate in Sneedville, TN is 0.55%, notably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $96,400 in Sneedville, the typical annual property tax bill amounts to $526, which is significantly less than the national median of $2,690. Property taxes in Sneedville are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. By understanding Sneedville's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in the heart of Sneedville or another part of Hancock County, gaining insight into the local property tax system will be beneficial.
Last Updated June 14, 2024
Sneedville, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Sneedville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sneedville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sneedville 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 Sneedville, Tennessee
Property taxes in Sneedville, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sneedville is 0.55%, which is lower than the U.S. national median of 0.99%. Local government entities within Sneedville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sneedville 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 Sneedville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37869 has both the highest and lowest median property tax rate of 0.55%. Understanding how these cities compare with Sneedville provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sneedville Tax Rate
0.55%
Average Hancock County Tax Rate
0.55%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sneedville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37869 | 0.55% | 0.55% | 0.55% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Sneedville, Tennessee
In Sneedville, 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 Hancock 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 Sneedville, 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 Sneedville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $526, found in the 37869 zip code.
Average Sneedville Assessed Value
$96,400
Average Hancock County Assessed Value
$96,450
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sneedville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37869 | $26,000 | $58,500 | $96,400 | $142,000 | $199,300 |
Source: Ownwell
Property Tax Bills Across Sneedville, Tennessee
In Sneedville, located in Hancock County, TN, property tax bills are determined based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the market value of the home, and the local tax rate is applied to this assessed value to calculate the tax bill. For instance, with a median home price of $96,400, homeowners can expect a range of property tax bills. The 25th percentile tax bill is around $317, while the 75th percentile reaches $783, and the 90th percentile goes up to $1,102. These tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Sneedville's tax rates can be considered relatively moderate. Homeowners in this region benefit from a more predictable and manageable tax expense, which can be a crucial factor when budgeting for homeownership costs. The highest and lowest median tax bills in the area are both $526, indicating a consistent tax rate across different properties.
Average Sneedville Tax Bill
$526
Average Hancock County Tax Bill
$528
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Sneedville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37869 | $143 | $317 | $526 | $783 | $1,102 |
Source: Ownwell