Reagan, Tennessee Property Taxes
The median property tax rate in Reagan, TN is 0.59%, which is notably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Reagan, the typical annual property tax bill amounts to $385, significantly below the national median of $2,690. Property taxes in Reagan are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Reagan'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 Reagan 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
Reagan, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$385
$357
Ownwell’s Reagan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reagan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reagan 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 Reagan, Tennessee
Property taxes in Reagan, Tennessee, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Reagan is 0.59%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Reagan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reagan 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 Reagan's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38368 has both the highest and lowest median property tax rate of 0.59%. Understanding how these cities compare with Reagan provides valuable insights into the varying tax landscape across Henderson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reagan Tax Rate
0.59%
Average Henderson County Tax Rate
0.59%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reagan, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38368 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Reagan, Tennessee
In Reagan, 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 Reagan, 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. For instance, the median home price in Reagan is $65,250, with tax bills ranging from $210 at the 25th percentile to $1,097 at the 90th percentile. The zip code 38368 has the highest and lowest median tax bill of $385. By understanding 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 Reagan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Reagan Assessed Value
$65,250
Average Henderson County Assessed Value
$78,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Reagan, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38368 | $17,830 | $35,725 | $65,250 | $115,475 | $185,120 |
Source: Ownwell
Property Tax Bills Across Reagan, Tennessee
In Reagan, located in Henderson County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $65,250, homeowners can expect varying tax bills. The 25th percentile tax bill is around $210, while the 75th percentile reaches $685, and the 90th percentile can go up to $1,097. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, Reagan's property tax rates are relatively modest, making it more affordable for homeowners. This lower tax burden can be a significant advantage for residents, potentially increasing disposable income and making homeownership more attainable.
Average Reagan Tax Bill
$385
Average Henderson County Tax Bill
$514
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Reagan, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38368 | $100 | $210 | $385 | $685 | $1,097 |
Source: Ownwell