Mount Carmel, Tennessee Property Taxes
The median property tax rate in Mount Carmel, TN is 0.93%, slightly lower than the national median of 0.99% but significantly higher than the Tennessee state median of 0.64%. With a median home value of $136,100 in Mount Carmel, the typical annual property tax bill reaches $1,261, which is below the national median of $2,690. Property taxes in Mount Carmel are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Mount Carmel'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 Mount Carmel or another part of Hawkins County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Carmel, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$1,266
Ownwell’s MOUNT CARMEL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MOUNT CARMEL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOUNT CARMEL 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 Mount Carmel, Tennessee
Property taxes in Mount Carmel, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Carmel is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Mount Carmel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Carmel 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 Mount Carmel's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37645 has the same median property tax rate of 0.93%. Understanding how these cities compare with Mount Carmel provides valuable insights into the varying tax landscape across Hawkins County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Carmel Tax Rate
0.93%
Average Hawkins County Tax Rate
0.58%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Carmel, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37645 | 0.93% | 0.93% | 0.93% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Mount Carmel, Tennessee
In Mount Carmel, 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 Hawkins 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. 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 Mount Carmel 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 $1261, found in the zip code 37645.
Average Mount Carmel Assessed Value
$136,100
Average Hawkins County Assessed Value
$69,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Carmel, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37645 | $19,000 | $76,475 | $136,100 | $169,100 | $204,450 |
Source: Ownwell
Property Tax Bills Across Mount Carmel, Tennessee
In Mount Carmel, located in Hawkins County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. Homeowners in this area typically face a median tax rate of 0.99%, aligning with the national average. For instance, with a median home price of $136,100, the tax bill can vary significantly. The 25th percentile tax bill is around $704, while the 75th percentile reaches approximately $1,568. At the 90th percentile, homeowners might see tax bills as high as $1,895. The assessed value is determined by local tax authorities, taking into account factors such as property size, location, and market conditions. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. These property taxes are crucial for funding public services like schools, infrastructure, and emergency services, directly impacting the community's quality of life. For homeowners, understanding how these taxes are calculated can help in financial planning and anticipating annual expenses.
Average Mount Carmel Tax Bill
$1,261
Average Hawkins County Tax Bill
$448
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Carmel, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37645 | $176 | $704 | $1,261 | $1,568 | $1,895 |
Source: Ownwell