Gleason, Tennessee Property Taxes
The median property tax rate in Gleason, TN is 0.47%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Gleason at $46,900, the typical annual property tax bill amounts to $222, far below the national median of $2,690. Property taxes in Gleason are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gleason'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 Gleason 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
Gleason, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$220
$205
Ownwell’s Gleason Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Gleason with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gleason 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 Gleason, Tennessee
Property taxes in Gleason, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gleason is 0.47%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Gleason set these rates annually, and they can vary across different neighborhoods. Each year, Gleason 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 Gleason's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38229 zip code has both the highest and lowest median property tax rate of 0.47%. Understanding how these cities compare with Gleason provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gleason Tax Rate
0.47%
Average Henry County Tax Rate
0.47%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gleason, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38229 | 0.47% | 0.47% | 0.47% | 0.47% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Gleason, Tennessee
In Gleason, 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 Gleason, 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 Gleason 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 38229, with a tax bill of $222.00, and the lowest median tax bill is also in zip code 38229, at $222.00.
Average Gleason Assessed Value
$46,900
Average Henry County Assessed Value
$86,700
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gleason, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38229 | $21,600 | $27,200 | $46,900 | $55,200 | $119,120 |
Source: Ownwell
Property Tax Bills Across Gleason, Tennessee
In Gleason, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Gleason is $46,900, and the property tax rate is determined by the local government. The tax bill reflects a combination of the property's assessed value and the applicable tax rate. For homeowners, this means their property taxes can vary significantly based on their property's value and the local rate. For example, the tax bill at the 25th percentile is $129, while at the 75th percentile, it rises to $261. At the 90th percentile, homeowners may see a bill as high as $563. These figures illustrate how property taxes can impact homeowners differently, depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Gleason's tax bills are relatively modest, which can be an attractive factor for potential homeowners considering the affordability of living in this region.
Average Gleason Tax Bill
$222
Average Henry County Tax Bill
$449
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Gleason, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38229 | $103 | $129 | $222 | $261 | $563 |
Source: Ownwell