Kodak, Tennessee Property Taxes
The median property tax rate in Kodak, 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 Kodak, the typical annual property tax bill is $611, far below the national median of $2,690. Property taxes in Kodak 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 Kodak'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 Kodak 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
Kodak, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$633
Ownwell’s Kodak Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kodak with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kodak 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 Kodak, Tennessee
Property taxes in Kodak, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kodak 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 Kodak set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kodak 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 Kodak's effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest median property tax rate in the state is significantly higher, while the lowest median tax rate is also notably different. Understanding how these cities compare with Kodak 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 Kodak 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 Kodak, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37764 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Kodak, Tennessee
In Kodak, 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 Sevier 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 Kodak, 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 is $162,200, with tax bills ranging from $258 at the 25th percentile to $2,299 at the 90th percentile. 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 Kodak helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kodak Assessed Value
$162,200
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 Kodak, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37764 | $38,570 | $72,975 | $162,200 | $448,850 | $617,990 |
Source: Ownwell
Property Tax Bills Across Kodak, Tennessee
In Kodak, located in Knox County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Kodak is $162,200. Property taxes are determined by multiplying the assessed value by the local tax rate set by Knox County. For example, the tax bill at the 25th percentile is $258, while at the 75th percentile, it reaches $1,687. The 90th percentile tax bill can go up to $2,299. These figures show a broad range in tax bills, reflecting differences in property values and possibly varying tax rates within the county. Compared to the national median property tax rate of 0.99%, Kodak’s property tax rates can be considered modest. This variability in tax bills affects homeowners differently, with those owning more valuable properties facing higher taxes. Understanding these factors can help homeowners better anticipate their annual tax obligations and manage their finances accordingly.
Average Kodak Tax Bill
$611
Average Knox County Tax Bill
$1,143
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Kodak, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37764 | $143 | $258 | $611 | $1,687 | $2,299 |
Source: Ownwell