Farragut, Tennessee Property Taxes
The median property tax rate in Farragut, TN is 0.39%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $473,700 in Farragut, the typical annual property tax bill is $1,831, well below the national median of $2,690. Property taxes in Farragut 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 Farragut'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 Farragut 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
Farragut, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$1,847
Ownwell’s Farragut Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Farragut with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Farragut to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, scroll down to find more localized information. Your property’s assessed value is the value assigned by Knox County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Farragut, Tennessee
Property taxes in Farragut, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farragut is 0.39%, which is significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Farragut set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farragut 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 Farragut's effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest median property tax rate in Tennessee is found in ZIP code 37027 with a rate of 0.73%, while the lowest median tax rate is in ZIP code 37083 at 0.31%. Understanding how these cities compare with Farragut 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 Farragut 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 Farragut, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37934 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Farragut, Tennessee
In Farragut, 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 Farragut, 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. For instance, the median home price in Farragut is $473,700, with property tax bills ranging from $1,356 at the 25th percentile to $2,956 at the 90th percentile. The zip code 37934 has the highest and lowest median tax bill of $1,831. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Farragut Assessed Value
$473,700
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 Farragut, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37934 | $248,100 | $355,000 | $473,700 | $612,000 | $760,400 |
Source: Ownwell
Property Tax Bills Across Farragut, Tennessee
In Farragut, located in Knox County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, determined by local tax assessors. Homeowners in Farragut experience tax bills that vary significantly. For instance, the 25th percentile tax bill is $1,356, while the 75th percentile tax bill reaches $2,366. At the 90th percentile, homeowners can expect a tax bill of $2,956. The median home price in Farragut is $473,700, and the property tax rate in Knox County plays a crucial role in determining the final tax bill. Compared to the national median property tax rate of 0.99%, Farragut's property tax rates are relatively moderate. These taxes fund essential public services such as schools, roads, and emergency services, directly impacting the quality of life for homeowners. Understanding these factors can help homeowners better anticipate their annual property tax obligations and manage their budgets effectively.
Average Farragut Tax Bill
$1,831
Average Knox County Tax Bill
$1,143
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Farragut, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37934 | $940 | $1,356 | $1,831 | $2,366 | $2,956 |
Source: Ownwell