Corryton, Tennessee Property Taxes
The median property tax rate in Corryton, TN is 0.39%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Corryton at $194,100, the typical annual property tax bill is $753, well below the national median of $2,690. Property taxes in Corryton 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 Corryton'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 Corryton or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Corryton, 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 Corryton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Corryton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corryton 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 Knox County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Corryton, Tennessee
Property taxes in Corryton, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Corryton is 0.39%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Corryton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corryton 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 Corryton's effective property tax rate to other counties in Tennessee and the national median. For comparison, one area has the highest median property tax rate of 0.99%, while another area has the lowest median tax rate of 0.39%. Understanding how these cities compare with Corryton provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corryton Tax Rate
0.39%
Average Knox County Tax Rate
0.39%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corryton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37721 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Corryton, Tennessee
In Corryton, 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 Knox 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 Corryton, 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. Understanding the distinction between these valuation concepts helps property owners better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Corryton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the median home price in Corryton is $194,100, with property tax bills ranging from $556 at the 25th percentile to $1,387 at the 90th percentile. The highest and lowest median tax bills both stand at $753 in the 37721 zip code.
Average Corryton Assessed Value
$194,100
Average Knox County Assessed Value
$222,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corryton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37721 | $79,900 | $144,400 | $194,100 | $253,300 | $362,750 |
Source: Ownwell
Property Tax Bills Across Corryton, Tennessee
In Corryton, Knox County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, if the median home price is $194,100, the assessed value is determined by the local assessment ratio. Property tax rates are then applied to this assessed value to calculate the tax bill. Various factors influence the final tax bill, including the property's location within specific school districts or municipal boundaries, which may have their own tax rates. Homeowners in Corryton typically see tax bills ranging from $556 at the 25th percentile to $1,387 at the 90th percentile. The highest median tax bill in the area is $753, found in the 37721 zip code. These property taxes contribute to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Corryton's rates offer a relatively affordable option for homeowners, impacting their overall cost of living and financial planning.
Average Corryton Tax Bill
$753
Average Knox County Tax Bill
$1,143
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Corryton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37721 | $303 | $556 | $753 | $984 | $1,387 |
Source: Ownwell