Waverly, Tennessee Property Taxes
The median property tax rate in Waverly, TN is 0.70%, slightly higher than the Tennessee state median of 0.64%, yet lower than the national median of 0.99%. With a median home value of $170,050, the typical annual property tax bill in Waverly is $1,126, which is below the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Waverly'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 Waverly 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
Waverly, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,190
Ownwell’s WAVERLY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WAVERLY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WAVERLY 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 Waverly, Tennessee
Property taxes in Waverly, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waverly is 0.70%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Waverly set these rates annually, and they can vary across different neighborhoods. Each year, Waverly 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 Waverly's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37185 zip code has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Waverly provides valuable insights into the varying tax landscape across Houston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waverly Tax Rate
0.70%
Average Houston County Tax Rate
0.70%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waverly, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37185 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Waverly, Tennessee
In Waverly, 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 Houston 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 Waverly, 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. With a median home price of $170,050 and tax bills ranging from $880 at the 25th percentile to $2,028 at the 90th percentile, being aware of these valuation processes in Waverly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 37185 has both the highest and lowest median tax bill at $1,126.
Average Waverly Assessed Value
$170,050
Average Houston County Assessed Value
$92,550
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waverly, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37185 | $62,630 | $125,825 | $170,050 | $214,850 | $289,790 |
Source: Ownwell
Property Tax Bills Across Waverly, Tennessee
In Waverly, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. For homeowners in Waverly, the median home price stands at $170,050. The property tax rate in this region is a crucial factor in determining the final tax bill. Homeowners can expect their annual property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $880, while the 75th percentile tax bill reaches up to $1,503. At the higher end, the 90th percentile tax bill can be as much as $2,028. These property taxes fund essential public services such as schools, emergency services, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, Waverly's property tax rates can influence a homeowner's financial planning and long-term investment in their property.
Average Waverly Tax Bill
$1,126
Average Houston County Tax Bill
$713
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Waverly, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37185 | $438 | $880 | $1,126 | $1,503 | $2,028 |
Source: Ownwell