Saltillo, Tennessee Property Taxes
The median property tax rate in Saltillo, TN, is 0.59%, notably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Saltillo at $66,700, the typical annual property tax bill is approximately $420, significantly less than the national median of $2,690. Property taxes in Saltillo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Saltillo's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Saltillo 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
Saltillo, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$394
Ownwell’s Saltillo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Saltillo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Saltillo 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 Saltillo, Tennessee
Property taxes in Saltillo, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Saltillo is 0.59%, which is lower than both the Tennessee state median of 0.71% and the U.S. national median of 0.99%. Local government entities within Saltillo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Saltillo 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 Saltillo's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38370 zip code has both the highest and lowest median property tax rate of 0.59%. Understanding how these cities compare with Saltillo 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 Saltillo 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 Saltillo, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38370 | 0.59% | 0.59% | 0.59% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Saltillo, Tennessee
In Saltillo, 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 Henderson 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 in Saltillo 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 Saltillo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Saltillo is $66,700, with the highest median tax bill of $420 found in the 38370 zip code.
Average Saltillo Assessed Value
$66,700
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 Saltillo, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38370 | $27,640 | $39,700 | $66,700 | $143,100 | $224,420 |
Source: Ownwell
Property Tax Bills Across Saltillo, Tennessee
In Saltillo, TN, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The median home price in Saltillo is $66,700. Property taxes are determined by applying the local tax rate to the assessed value. The tax rate in Henderson County is a crucial factor in this calculation. For instance, homeowners in the 25th percentile pay around $275 annually, while those in the 75th percentile face bills of approximately $848. At the 90th percentile, tax bills can reach up to $1,330. Comparatively, the national median property tax rate is 0.99%, which means Saltillo's tax bills might be considered moderate depending on the specific assessed values and local rates. These taxes fund essential public services like schools, road maintenance, and emergency services, directly impacting the quality of life for homeowners. Understanding how these factors contribute to the overall tax bill can help homeowners better manage their finances and anticipate annual expenses.
Average Saltillo Tax Bill
$420
Average Henderson County Tax Bill
$514
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Saltillo, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38370 | $190 | $275 | $420 | $848 | $1,330 |
Source: Ownwell