Talbott, Tennessee Property Taxes
The median property tax rate in Talbott, 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 Talbott at $111,500, the typical annual property tax bill reaches $618, significantly below the national median of $2,690. Property taxes in Talbott 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 Talbott'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 Talbott 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
Talbott, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$613
$569
Ownwell’s Talbott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Talbott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Talbott 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 Talbott, Tennessee
Property taxes in Talbott, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Talbott is 0.55%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Talbott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Talbott 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 Talbott's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37877 zip code has both the highest and the lowest median property tax rate of 0.55%. Understanding how these areas compare with Talbott 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 Talbott 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 Talbott, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37877 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Talbott, Tennessee
In Talbott, 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 Talbott, 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 Talbott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Talbott is $618 in the 37877 zip code, while the lowest median tax bill is also $618 in the same zip code.
Average Talbott Assessed Value
$111,500
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 Talbott, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37877 | $29,860 | $65,100 | $111,500 | $168,550 | $240,600 |
Source: Ownwell
Property Tax Bills Across Talbott, Tennessee
In Talbott, located in Jefferson County, TN, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. For homeowners in Talbott, the median home price is $111,500. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. For instance, in Talbott, homeowners might see their tax bills range from the 25th percentile at $358 to the 75th percentile at $960, with the 90th percentile reaching up to $1,464. These numbers illustrate the variability in tax burdens based on property values and applicable exemptions. Compared to the national median property tax rate of 0.99%, Talbott's tax rates can significantly impact homeowners, influencing their overall housing costs and financial planning. Homeowners must stay informed about their property's assessed value and any available exemptions to manage their tax liabilities effectively.
Average Talbott Tax Bill
$618
Average Jefferson County Tax Bill
$726
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Talbott, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37877 | $164 | $358 | $618 | $960 | $1,464 |
Source: Ownwell