Whitleyville, Tennessee Property Taxes
The median property tax rate in Whitleyville, TN is 0.56%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Whitleyville at $107,500, the typical annual property tax bill reaches $567, significantly less than the national median of $2,690. Property taxes in Whitleyville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Whitleyville'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 Whitleyville 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
Whitleyville, 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 Whitleyville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Whitleyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Whitleyville 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 Whitleyville, Tennessee
Property taxes in Whitleyville, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Whitleyville is 0.56%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Whitleyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Whitleyville 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 Whitleyville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38588 zip code has both the highest and lowest median property tax rate of 0.56%. Understanding how these areas compare with Whitleyville 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 Whitleyville 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 Whitleyville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38588 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Whitleyville, Tennessee
In Whitleyville, 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 property assessor 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 Whitleyville, 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 Whitleyville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 38588 has both the highest and lowest median tax bill at $567.00, underscoring the importance of understanding these valuations.
Average Whitleyville Assessed Value
$107,500
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 Whitleyville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38588 | $32,640 | $58,900 | $107,500 | $173,900 | $245,860 |
Source: Ownwell
Property Tax Bills Across Whitleyville, Tennessee
In Whitleyville, Jackson County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Whitleyville is $107,500. To determine the tax bill, local authorities apply the county’s property tax rate to the assessed value. Factors that influence the tax bill include the property’s location, size, and any applicable exemptions. Homeowners in Whitleyville typically see tax bills ranging from $295 at the 25th percentile to $937 at the 75th percentile, with the 90th percentile reaching up to $1,357. The highest and lowest median tax bills in the area are both $567, indicating a relatively uniform tax rate across the region. Compared to the national median property tax rate of 0.99%, Whitleyville’s property tax bills are generally lower, making it an attractive area for homeowners seeking affordability. This lower tax burden can significantly impact homeowners by reducing their annual housing costs.
Average Whitleyville Tax Bill
$567
Average Jackson County Tax Bill
$548
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Whitleyville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38588 | $141 | $295 | $567 | $937 | $1,357 |
Source: Ownwell