Springville, Tennessee Property Taxes
The median property tax rate in Springville, 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 Springville at $71,750, the typical annual property tax bill is $340, well below the national median of $2,690. Property taxes in Springville 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 Springville'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 Springville 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
Springville, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$337
$313
Ownwell’s Springville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Springville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Springville to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more granular insights, our trends page offers localized information at the neighborhood level. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Springville, Tennessee
Property taxes in Springville, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springville is 0.47%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Springville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Springville 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 Springville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38256 zip code has the highest median property tax rate of 0.47%, while the 38256 zip code also has the lowest median tax rate of 0.47%. Understanding how these cities compare with Springville 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 Springville 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 Springville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38256 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Springville, Tennessee
In Springville, 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 Springville, 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 Springville 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 $340.00, found in the 38256 zip code.
Average Springville Assessed Value
$71,750
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 Springville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38256 | $23,300 | $39,925 | $71,750 | $127,925 | $220,440 |
Source: Ownwell
Property Tax Bills Across Springville, Tennessee
In Springville, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the property's market value, which is determined by the local tax assessor. Factors such as the size, location, and condition of the property play a significant role in this assessment. Homeowners in Springville can expect a median home price of $71,750. Property taxes then apply to this assessed value to determine the final tax bill. For instance, the tax bill for the 25th percentile is around $190, while the 75th percentile sees bills closer to $608. At the higher end, the 90th percentile tax bill can reach up to $1,051. Compared to the national median property tax rate of 0.99%, Springville's tax rates offer a range that reflects the local economic conditions and government funding requirements. These property taxes are crucial as they fund essential public services such as schools, road maintenance, and emergency services, directly impacting homeowners and the community.
Average Springville Tax Bill
$340
Average Henry County Tax Bill
$449
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Springville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38256 | $110 | $190 | $340 | $608 | $1,051 |
Source: Ownwell