Shady Valley, Tennessee Property Taxes
The median property tax rate in Shady Valley, TN is 0.45%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Shady Valley at $103,500, the typical annual property tax bill is approximately $468, well below the national median of $2,690. Property taxes in Shady Valley are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Shady Valley'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 Shady Valley or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Shady Valley, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$466
$432
Ownwell’s Shady Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shady Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shady Valley 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 Shady Valley, Tennessee
Property taxes in Shady Valley, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shady Valley is 0.45%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Shady Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shady Valley 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 Shady Valley's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37688 zip code has both the highest and lowest median property tax rate of 0.45%. Understanding how these areas compare with Shady Valley provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shady Valley Tax Rate
0.45%
Average Johnson County Tax Rate
0.45%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shady Valley, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37688 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Shady Valley, Tennessee
In Shady Valley, 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 Johnson 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 Shady Valley, 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 Shady Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Shady Valley are both $468, found in the 37688 zip code.
Average Shady Valley Assessed Value
$103,500
Average Johnson County Assessed Value
$99,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shady Valley, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37688 | $37,600 | $62,650 | $103,500 | $159,125 | $241,880 |
Source: Ownwell
Property Tax Bills Across Shady Valley, Tennessee
In Shady Valley, located in Johnson County, TN, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. For a median home price of $103,500, the tax bill varies significantly. Homeowners in the 25th percentile can expect to pay around $284, while those in the 75th percentile might see bills as high as $712. At the 90th percentile, the tax bill can reach up to $1,084. The median property tax bill in the highest and lowest zip codes within the county is $468. These tax bills are influenced by various factors, including the local tax rate and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Shady Valley's rates can offer some relief to homeowners. Understanding how these factors interplay helps homeowners anticipate their annual tax obligations and manage their finances accordingly.
Average Shady Valley Tax Bill
$468
Average Johnson County Tax Bill
$480
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Shady Valley, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37688 | $174 | $284 | $468 | $712 | $1,084 |
Source: Ownwell