New Market, Tennessee Property Taxes
The median property tax rate in New Market, TN is 0.55%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $101,400 in New Market, the typical annual property tax bill amounts to $555, which is well below the national median of $2,690. Property taxes in New Market are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding New Market's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of New Market or another part of Jefferson County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Market, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$558
$518
Ownwell’s New Market Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Market with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Market 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 New Market, Tennessee
Property taxes in New Market, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Market is 0.55%, significantly lower than the U.S. national median of 0.99%. Local government entities within New Market set these rates annually, and they can vary across different neighborhoods. Each year, New Market 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 New Market's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37820 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 figures compare with New Market 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 New Market 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 New Market, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37820 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across New Market, Tennessee
In New Market, 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 New Market, 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 New Market helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 37820, with a median tax bill of $555.00.
Average New Market Assessed Value
$101,400
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 New Market, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37820 | $33,620 | $65,500 | $101,400 | $159,200 | $225,680 |
Source: Ownwell
Property Tax Bills Across New Market, Tennessee
In New Market, Jefferson County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the final tax bill. Factors such as property size, location, and market trends influence the assessed value. For example, the median home price in New Market is $101,400. Homeowners in New Market can expect their property tax bills to vary. The 25th percentile tax bill is $359, while the 75th percentile tax bill is $872, and the 90th percentile tax bill can go up to $1,235. These figures reflect the range of tax obligations for different property values and conditions within the area. Compared to the national median property tax rate of 0.99%, New Market's tax rates can be considered moderate, offering a relatively affordable tax environment for homeowners. Understanding these factors helps residents anticipate and manage their annual property tax liabilities effectively.
Average New Market Tax Bill
$555
Average Jefferson County Tax Bill
$726
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across New Market, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37820 | $184 | $359 | $555 | $872 | $1,235 |
Source: Ownwell