Puryear, Tennessee Property Taxes
The median property tax rate in Puryear, TN is 0.47%, significantly lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With the median home value in Puryear at $84,600, the typical annual property tax bill amounts to $402, which is well below the national median of $2,690. Property taxes in Puryear 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 Puryear'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 Puryear or another part of Henry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Puryear, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$398
$369
Ownwell’s Puryear Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Puryear with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Puryear 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 Puryear, Tennessee
Property taxes in Puryear, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Puryear is 0.47%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Puryear set these rates annually, and they can vary significantly across different neighborhoods. Each year, Puryear 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 Puryear's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38251 zip code has both the highest and lowest median property tax rate of 0.47%. Understanding how these areas compare with Puryear 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 Puryear 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 Puryear, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38251 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Puryear, Tennessee
In Puryear, 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 Henry 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. In Puryear, 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. For instance, the zip code 38251 has the highest and lowest median tax bill, both at $402. Being aware of these valuation processes in Puryear helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Puryear Assessed Value
$84,600
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 Puryear, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38251 | $30,430 | $51,000 | $84,600 | $145,875 | $231,880 |
Source: Ownwell
Property Tax Bills Across Puryear, Tennessee
In Puryear, located in Henry County, TN, property tax bills are calculated based on the assessed value of the property. The assessed value is a percentage of the property's market value, which is determined by local assessors. For homeowners, understanding the assessed value is crucial as it directly impacts the tax bill. The median home price in Puryear is $84,600, and property tax rates are applied to this assessed value to calculate the tax due. Several factors influence the final tax bill, including the property's location, size, and usage. In Puryear, the 25th percentile tax bill is $241, while the 75th percentile tax bill is $690, and the 90th percentile tax bill reaches $1129. Comparing these figures to the national median property tax rate of 0.99%, Puryear’s tax rates are relatively moderate. For homeowners, these property taxes are essential for funding local services such as schools, infrastructure, and emergency services, directly affecting the quality of life in the community.
Average Puryear Tax Bill
$402
Average Henry County Tax Bill
$449
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Puryear, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38251 | $144 | $241 | $402 | $690 | $1,129 |
Source: Ownwell