Maynardville, Tennessee Property Taxes
The median property tax rate in Maynardville, TN is 0.39%, significantly lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With the median home value in Maynardville at $142,000, the typical annual property tax bill amounts to $642, well below the national median of $2,690. Property taxes in Maynardville 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 Maynardville'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 Maynardville 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
Maynardville, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$554
$514
Ownwell’s Maynardville Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a simple way to estimate their annual property taxes in Maynardville using just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Maynardville to provide an estimated property tax bill. This valuable tool helps you anticipate potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Maynardville, Tennessee
Property taxes in Maynardville, Tennessee, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Maynardville is 0.64%, which is higher than the Tennessee state median of 0.56% but still lower than the U.S. national median of 0.99%. Local government entities within Maynardville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maynardville 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 Maynardville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37919 zip code in Knox County has the highest median property tax rate of 0.75%, while the 37914 zip code has the lowest median tax rate of 0.39%. Understanding how these areas compare with Maynardville provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Maynardville 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 Maynardville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37807 | 0.37% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Maynardville, Tennessee
In Maynardville, 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 local 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 Maynardville, 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 Maynardville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $642 in the 37807 zip code, while the lowest median tax bill is also $642 in the same zip code.
Average Maynardville Assessed Value
$142,000
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 Maynardville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37807 | $62,710 | $92,925 | $142,000 | $196,100 | $271,240 |
Source: Ownwell
Property Tax Bills Across Maynardville, Tennessee
In Maynardville, located in Union County, TN, property tax bills are calculated based on the assessed value of a homeowner’s property. The assessed value is a percentage of the property's market value, which is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $142,000, homeowners can expect their property tax bill to vary significantly. At the 25th percentile, the tax bill is around $373, while at the 75th percentile, it rises to approximately $858. Those in the 90th percentile may see tax bills as high as $1,158. These figures highlight how property value assessments and local tax rates directly impact homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, Maynardville's rates offer a relatively affordable tax environment. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Maynardville Tax Bill
$642
Average Knox County Tax Bill
$1,143
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Maynardville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37807 | $276 | $373 | $642 | $858 | $1,158 |
Source: Ownwell