Waverly, Tennessee Property Taxes
The median property tax rate in Waverly, TN is 0.76%, which is lower than the national median of 0.99% but higher than the Tennessee state median of 0.64%. Given the median home value in Waverly, the typical annual property tax bill amounts to $967, which is below the national median of $2,690. Property taxes in Waverly are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. 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 Humphreys County, 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
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
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, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Waverly is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Waverly set these rates annually, and they can vary significantly 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 0.76%. Understanding how these cities compare with Waverly provides valuable insights into the varying tax landscape across Humphreys County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waverly Tax Rate
0.76%
Average Humphreys County Tax Rate
0.74%
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 | 0.54% | 0.63% | 0.76% | 1.12% | 1.31% |
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 Humphreys 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 Waverly 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 Waverly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Waverly is $105,000, with the 25th percentile tax bill at $468 and the 75th percentile tax bill at $1,569. Notably, the highest and lowest median tax bills both stand at $967 in the 37185 zip code.
Average Waverly Assessed Value
$105,000
Average Humphreys County Assessed Value
$111,300
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 | $32,190 | $58,400 | $105,000 | $174,125 | $280,520 |
Source: Ownwell
Property Tax Bills Across Waverly, Tennessee
In Waverly, located in Humphreys County, TN, property tax bills are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is a percentage of the market value of the home, which in Waverly, has a median home price of $105,000. The local tax rate is applied to this assessed value to calculate the annual property tax bill. Homeowners in Waverly can expect property tax bills to vary widely. For instance, the 25th percentile tax bill is $468, while the 75th percentile reaches $1,569, and the 90th percentile can be as high as $2,253. These figures show the range of tax burdens faced by residents, with the highest median tax bill recorded at $967 in the 37185 zip code. Compared to the national median property tax rate of 0.99%, Waverly's tax bills are relatively moderate, making it an affordable location for homeowners. This variability in tax bills highlights the importance of understanding how local factors influence property taxes and their impact on household finances.
Average Waverly Tax Bill
$967
Average Humphreys County Tax Bill
$930
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 | $208 | $468 | $967 | $1,569 | $2,253 |
Source: Ownwell