Kimberlin Heights, Tennessee Property Taxes
The median property tax rate in Kimberlin Heights, 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 Kimberlin Heights, the typical annual property tax bill amounts to $666, much less than the national median of $2,690. Property taxes in Kimberlin Heights are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Kimberlin Heights' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Kimberlin Heights 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
Kimberlin Heights, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$679
Ownwell’s Kimberlin Heights Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kimberlin Heights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kimberlin Heights 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 Kimberlin Heights, Tennessee
Property taxes in Kimberlin Heights, Tennessee, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Kimberlin Heights is 0.39%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Kimberlin Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kimberlin Heights 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 Kimberlin Heights' effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest median property tax rate in Knox County is 0.65%, while the lowest is 0.25%. Understanding how these areas compare with Kimberlin Heights 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 Kimberlin Heights 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 Kimberlin Heights, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37920 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Kimberlin Heights, Tennessee
In Kimberlin Heights, 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 Kimberlin Heights, 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. With a median home price of $174,100, property tax bills can vary significantly. For instance, the 25th percentile tax bill is $450, while the 75th percentile reaches $964, and the 90th percentile goes up to $1331. 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 Kimberlin Heights helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Kimberlin Heights, Tennessee
Source: Ownwell
$93,700
$283,700
$473,700
Average Kimberlin Heights Assessed Value
$174,100
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 Kimberlin Heights, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37920 | $65,110 | $122,125 | $174,100 | $255,075 | $362,410 |
Source: Ownwell
Property Tax Bills Across Kimberlin Heights, Tennessee
In Kimberlin Heights, Knox County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value, and this percentage varies by jurisdiction. Homeowners in Kimberlin Heights can expect their property tax bills to fall within a range, with the 25th percentile at $450 and the 75th percentile at $964. Those in the 90th percentile see tax bills as high as $1331. For comparison, the median property tax bill in the 37920 zip code, which encompasses parts of Knox County, stands at $666. This is significantly lower than the national median property tax rate of 0.99%. Factors influencing the tax bill include the property's assessed value, any applicable exemptions or deductions, and the local tax rate set by the county. These property taxes fund essential services such as public schools, infrastructure, and emergency services, directly impacting the quality of life for Kimberlin Heights residents.
Average Kimberlin Heights Tax Bill
$666
Average Knox County Tax Bill
$1,143
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Kimberlin Heights, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37920 | $243 | $450 | $666 | $964 | $1,331 |
Source: Ownwell