Summertown, Tennessee Property Taxes
The median property tax rate in Summertown, TN is 0.47%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Summertown at $106,600, the typical annual property tax bill is approximately $483, well below the national median of $2,690. Property taxes in Summertown 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 Summertown'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 Summertown 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
Summertown, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$501
$465
Ownwell’s Summertown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summertown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summertown 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 Summertown, Tennessee
Property taxes in Summertown, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summertown is 0.47%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Summertown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summertown 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 Summertown's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38483 zip code has the highest median property tax rate of 0.47%, while the same zip code also has the lowest median tax rate of 0.47%. Understanding how these cities compare with Summertown provides valuable insights into the varying tax landscape across Lewis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Summertown Tax Rate
0.47%
Average Lewis County Tax Rate
0.47%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summertown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38483 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Summertown, Tennessee
In Summertown, 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 Lewis 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 Summertown, 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 Summertown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Summertown are both $483, found in the zip code 38483.
Average Summertown Assessed Value
$106,600
Average Lewis County Assessed Value
$107,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Summertown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38483 | $24,280 | $48,700 | $106,600 | $176,675 | $269,060 |
Source: Ownwell
Property Tax Bills Across Summertown, Tennessee
In Summertown, located in Lewis County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For a median home price of $106,600, the tax bill can vary significantly. Factors such as the property's assessed value, local tax rates, and any applicable exemptions or deductions play a crucial role in determining the final tax bill. Homeowners in Summertown typically see a tax bill ranging from $201 at the 25th percentile to $811 at the 75th percentile, with the 90th percentile reaching up to $1,249. This variation illustrates how different factors, like property improvements or changes in local tax rates, can impact the overall tax liability. The highest and lowest median tax bills recorded in the area are both $483, indicating a consistent tax rate within the zip code 38483. Compared to the national median property tax rate of 0.99%, Summertown's property tax landscape provides a relatively affordable scenario for homeowners.
Average Summertown Tax Bill
$483
Average Lewis County Tax Bill
$476
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Summertown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38483 | $98 | $201 | $483 | $811 | $1,249 |
Source: Ownwell