Cornersville, Tennessee Property Taxes
The median property tax rate in Cornersville, TN is 0.53%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Cornersville at $97,200, the typical annual property tax bill amounts to $511, well below the national median of $2,690. Property taxes in Cornersville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cornersville'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 Cornersville 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
Cornersville, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$515
Ownwell’s Cornersville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes with just two inputs. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cornersville to provide an estimate of your property tax bill. This invaluable tool helps you understand potential tax liabilities. For those interested in more granular data, you can explore trends at the neighborhood level by scrolling down for localized information. Your property’s assessed value is determined by the county for tax calculations and includes any applicable exemptions.
Property Tax Rates Across Cornersville, Tennessee
Property taxes in Cornersville, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cornersville is 0.53%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Cornersville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cornersville 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 Cornersville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37047 zip code has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these cities compare with Cornersville provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cornersville Tax Rate
0.53%
Average Lincoln County Tax Rate
0.53%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cornersville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37047 | 0.53% | 0.53% | 0.53% | 0.53% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Cornersville, Tennessee
In Cornersville, 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 Lincoln 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 Cornersville, 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 Cornersville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $511, found in zip code 37047.
Average Cornersville Assessed Value
$97,200
Average Lincoln County Assessed Value
$117,700
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cornersville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37047 | $34,700 | $75,650 | $97,200 | $131,000 | $313,730 |
Source: Ownwell
Property Tax Bills Across Cornersville, Tennessee
In Cornersville, located in Lincoln County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value, and this value is then multiplied by the local tax rate to determine the tax bill. For homeowners in Cornersville, the median home price is $97,200. Property tax bills can vary significantly, with the 25th percentile at $398 and the 75th percentile at $688. At the higher end, the 90th percentile tax bill reaches $1,649. These property taxes are crucial for funding local services such as schools, emergency services, and infrastructure. Homeowners must consider these taxes as part of their overall homeownership costs. Compared to the national median property tax rate of 0.99%, Cornersville's property taxes offer a relatively affordable option for residents. The highest and lowest median tax bills within the city both stand at $511, reflecting a consistent tax environment across different neighborhoods.
Average Cornersville Tax Bill
$511
Average Lincoln County Tax Bill
$686
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Cornersville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37047 | $183 | $398 | $511 | $688 | $1,649 |
Source: Ownwell