Red Boiling Springs, Tennessee Property Taxes
The median property tax rate in Red Boiling Springs, TN is 0.60%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $48,100 in Red Boiling Springs, the typical annual property tax bill is $348, significantly less than the national median of $2,690. Property taxes in Red Boiling Springs are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding the local property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Red Boiling Springs or another part of Macon County, grasping the intricacies of the property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Red Boiling Springs, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Red Boiling Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Red Boiling Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Red Boiling Springs 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 Red Boiling Springs, Tennessee
Property taxes in Red Boiling Springs, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Red Boiling Springs is 0.60%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Red Boiling Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Red Boiling Springs 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 Red Boiling Springs' effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37150 zip code has the highest median property tax rate of 0.60%, while the 37150 zip code also has the lowest median tax rate of 0.60%. Understanding how these areas compare with Red Boiling Springs provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Red Boiling Springs Tax Rate
0.60%
Average Macon County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Red Boiling Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37150 | 0.60% | 0.60% | 0.60% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Red Boiling Springs, Tennessee
In Red Boiling Springs, 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 Macon County Assessor of Property 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 Red Boiling Springs, 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. The highest and lowest median tax bills in the area are both $348.00, found in the zip code 37150. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Red Boiling Springs, Tennessee
Source: Ownwell
$11,200
$49,350
$87,500
Average Red Boiling Springs Assessed Value
$48,100
Average Macon County Assessed Value
$73,400
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Red Boiling Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37150 | $7,000 | $18,000 | $48,100 | $84,500 | $134,000 |
Source: Ownwell
Property Tax Bills Across Red Boiling Springs, Tennessee
In Red Boiling Springs, Macon County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in this area is $48,100. Property taxes are then determined by applying the local tax rate to this assessed value. Factors such as property improvements, neighborhood developments, and market trends can influence the assessed value, impacting the final tax bill. For homeowners in Red Boiling Springs, property tax bills can vary significantly. The 25th percentile tax bill stands at $125, while the 75th percentile reaches $627, and the 90th percentile goes up to $935. This range indicates that property tax bills can differ widely based on individual property assessments. Comparatively, the highest and lowest median tax bills in the region both stand at $348, highlighting a level of consistency in some areas. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Red Boiling Springs Tax Bill
$348
Average Macon County Tax Bill
$483
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Red Boiling Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37150 | $58 | $125 | $348 | $627 | $935 |
Source: Ownwell