Powell, Knox County, Tennessee Property Taxes
The median property tax rate in Powell, 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 Powell, the typical annual property tax bill amounts to $859, well below the national median of $2,690. Property taxes in Powell 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 Powell's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Powell 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
Powell, Knox County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$860
$798
Ownwell’s Powell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Powell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Powell 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 Powell, Knox County, Tennessee
Property taxes in Powell, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Powell is 0.39%, which is significantly lower than both the Tennessee state median of 0.68% and the U.S. national median of 0.99%. Local government entities within Powell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Powell 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 Powell'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 Williamson County at 0.84%, while the lowest is in Pickett County at 0.31%. Understanding how these areas compare with Powell 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 Powell 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 Powell, Knox County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37849 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Powell, Knox County, Tennessee
In Powell, 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 Powell, 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 Powell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Powell is $220,450, with annual tax bills ranging from $659 at the 25th percentile to $1,404 at the 90th percentile. The zip code 37849 has the highest and lowest median tax bill, both at $859.
Property Tax Assessment Values Across Powell, Knox County, Tennessee
Source: Ownwell
$93,700
$283,700
$473,700
Average Powell Assessed Value
$220,450
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 Powell, Knox County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37849 | $119,340 | $169,500 | $220,450 | $272,175 | $359,350 |
Source: Ownwell
Property Tax Bills Across Powell, Knox County, Tennessee
In Powell, located in Knox County, TN, property tax bills are calculated based on the assessed value of a home, which is determined as a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $220,450, homeowners in Powell can expect different tax bills depending on their property's assessed value and the applicable tax rate. Factors such as property size, location, and improvements can influence the assessed value. In Powell, the tax bill can range significantly, with the 25th percentile at $659 and the 75th percentile at $1064. The 90th percentile tax bill can reach up to $1404, indicating a substantial variation based on property specifics. Compared to the national median property tax rate of 0.99%, Powell's rates offer a comparative perspective for homeowners. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly, ensuring they are prepared for their annual property tax responsibilities.
Average Powell Tax Bill
$859
Average Knox County Tax Bill
$1,143
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Powell, Knox County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37849 | $448 | $659 | $859 | $1,064 | $1,404 |
Source: Ownwell