Red Boiling Springs, Tennessee Property Taxes
The median property tax rate in Red Boiling Springs, TN is 0.56%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Red Boiling Springs at $104,500, the typical annual property tax bill is around $587, well below the national median of $2,690. Property taxes in Red Boiling Springs are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Red Boiling Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Red Boiling Springs or another part of Jackson County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Red Boiling Springs, 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 Red Boiling Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Red Boiling Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Red Boiling Springs 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 Red Boiling Springs, Tennessee
Property taxes in Red Boiling Springs, Tennessee, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Red Boiling Springs is 0.56%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Red Boiling Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Red Boiling Springs 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 Red Boiling Springs' effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37150 zip code has both the highest and lowest median property tax rate in the region, standing at 0.56%. Understanding how these areas compare with Red Boiling Springs provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Red Boiling Springs Tax Rate
0.56%
Average Jackson County Tax Rate
0.56%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Red Boiling Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37150 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Red Boiling Springs, Tennessee
In Red Boiling Springs, 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 Jackson 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 Red Boiling Springs 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. The median home price in this region is $104,500, with tax bills varying significantly. For example, the 25th percentile tax bill is $378, while the 75th percentile reaches $1,008, and the 90th percentile is $1,417. The highest and lowest median tax bills are both $587, located in the 37150 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Red Boiling Springs, Tennessee
Source: Ownwell
$57,700
$134,900
$212,100
Average Red Boiling Springs Assessed Value
$104,500
Average Jackson County Assessed Value
$100,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Red Boiling Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37150 | $54,340 | $75,150 | $104,500 | $179,300 | $252,140 |
Source: Ownwell
Property Tax Bills Across Red Boiling Springs, Tennessee
In Red Boiling Springs, Jackson County, TN, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. For example, a home with a median market price of $104,500 would have its assessed value calculated based on this market price. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the property tax bill, including the property's location, its assessed value, and the local tax rate. For homeowners, understanding these factors is crucial as they directly impact the amount they owe in property taxes. In Red Boiling Springs, the tax bill can vary significantly, with the 25th percentile at $378 and the 90th percentile reaching up to $1,417. Compared to the national median property tax rate of 0.99%, homeowners in this area may find their tax bills to be relatively moderate, affecting their overall financial planning and homeownership costs.
Average Red Boiling Springs Tax Bill
$587
Average Jackson County Tax Bill
$548
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Red Boiling Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37150 | $256 | $378 | $587 | $1,008 | $1,417 |
Source: Ownwell