Kodak, Jefferson County, Tennessee Property Taxes
The median property tax rate in Kodak, TN is 0.55%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Kodak at $66,900, the typical annual property tax bill reaches $366, significantly below the national median of $2,690. Property taxes in Kodak 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 Kodak'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 Kodak or another part of Jefferson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kodak, Jefferson County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$368
$341
Ownwell’s Kodak Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kodak with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kodak 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 Kodak, Jefferson County, Tennessee
Property taxes in Kodak, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kodak is 0.55%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Kodak set these rates annually, and they can vary across different neighborhoods. Each year, Kodak 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 Kodak's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37764 has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these cities compare with Kodak provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kodak Tax Rate
0.55%
Average Jefferson County Tax Rate
0.55%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kodak, Jefferson County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37764 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Kodak, Jefferson County, Tennessee
In Kodak, 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 Jefferson 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 Kodak, 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 Kodak helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 37764 has both the highest and lowest median tax bills, each at $366.
Property Tax Assessment Values Across Kodak, Jefferson County, Tennessee
Source: Ownwell
$58,300
$108,625
$158,950
Average Kodak Assessed Value
$66,900
Average Jefferson County Assessed Value
$119,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kodak, Jefferson County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37764 | $33,110 | $49,700 | $66,900 | $108,350 | $151,150 |
Source: Ownwell
Property Tax Bills Across Kodak, Jefferson County, Tennessee
In Kodak, located in Jefferson County, TN, property tax bills are determined based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to calculate the tax bill. For homeowners in Kodak, the median home price is $66,900. Property tax bills can vary significantly, with the 25th percentile tax bill at $272 and the 75th percentile reaching $594. The 90th percentile tax bill can go up to $828. The property tax rate in Kodak is relatively low compared to the national median property tax rate of 0.99%, making it an attractive location for homeowners looking to minimize their annual property tax expenses. Factors such as property improvements, neighborhood developments, and changes in the local tax rate can influence the assessed value and, consequently, the tax bill. Understanding these factors can help homeowners anticipate and manage their property tax obligations effectively.
Average Kodak Tax Bill
$366
Average Jefferson County Tax Bill
$726
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Kodak, Jefferson County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37764 | $181 | $272 | $366 | $594 | $828 |
Source: Ownwell