Tazewell, Tennessee Property Taxes
The median property tax rate in Tazewell, TN is 0.55%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Tazewell at $93,300, the typical annual property tax bill amounts to $518, well below the national median of $2,690. Property taxes in Tazewell are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tazewell'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 Tazewell 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
Tazewell, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$513
Ownwell’s Tazewell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tazewell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tazewell 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 Tazewell, Tennessee
Property taxes in Tazewell, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tazewell is 0.55%, significantly lower than the U.S. national median of 0.99%. Local government entities within Tazewell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tazewell 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 Tazewell's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37879 zip code has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these cities compare with Tazewell 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 Tazewell 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 Tazewell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37879 | 0.55% | 0.55% | 0.55% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Tazewell, Tennessee
In Tazewell, 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 authorities 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 Tazewell, 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 Tazewell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 37879, with a median tax bill of $518, while the zip code with the lowest median tax bill is also 37879, with a median tax bill of $518.
Average Tazewell Assessed Value
$93,300
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 Tazewell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37879 | $24,090 | $55,200 | $93,300 | $160,675 | $232,350 |
Source: Ownwell
Property Tax Bills Across Tazewell, Tennessee
Property tax bills in Tazewell, TN, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. For homeowners in Tazewell, the median home price stands at $93,300. Property tax rates are applied to the assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's location, size, and any improvements made. In Tazewell, the tax bill varies significantly; the 25th percentile tax bill is $294, while the 75th percentile tax bill reaches $886. For those at the 90th percentile, the tax bill can go up to $1,276. The median tax bill in the highest and lowest zip codes in Hancock County is $518. Compared to the national median property tax rate of 0.99%, Tazewell homeowners experience a relatively moderate tax burden. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances accordingly.
Average Tazewell Tax Bill
$518
Average Hancock County Tax Bill
$528
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Tazewell, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37879 | $142 | $294 | $518 | $886 | $1,276 |
Source: Ownwell