Westmoreland, Tennessee Property Taxes
The median property tax rate in Westmoreland, TN is 0.60%, lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With the median home value in Westmoreland at $65,000, the typical annual property tax bill is $391, significantly below the national median of $2,690. Property taxes in Westmoreland are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Westmoreland'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 Westmoreland 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
Westmoreland, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$390
$362
Ownwell’s Westmoreland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westmoreland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westmoreland 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 Westmoreland, Tennessee
Property taxes in Westmoreland, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westmoreland is 0.60%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Westmoreland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westmoreland 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 Westmoreland's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37186 zip code has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Westmoreland 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 Westmoreland 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 Westmoreland, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37186 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Westmoreland, Tennessee
In Westmoreland, 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 Westmoreland, 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 Westmoreland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Macon County, the zip code 37186 has the highest and lowest median tax bill, both at $391, compared to the national median property tax rate of 0.99%.
Average Westmoreland Assessed Value
$65,000
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 Westmoreland, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37186 | $15,230 | $29,925 | $65,000 | $116,425 | $170,970 |
Source: Ownwell
Property Tax Bills Across Westmoreland, Tennessee
In Westmoreland, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, which is determined by the local tax assessor. Several factors influence this assessed value, including the property's location, size, and condition. Homeowners in Westmoreland typically see a range of tax bills. For instance, the tax bill at the 25th percentile is around $183, while those at the 75th percentile can expect to pay approximately $693. At the 90th percentile, tax bills can reach up to $1,025. The median home price in Westmoreland is $65,000, which influences the overall tax burden. Compared to the national median property tax rate of 0.99%, Westmoreland's tax rates can vary significantly. These property taxes directly impact homeowners, affecting their annual expenses and potentially influencing their decisions on home improvements and sales. Understanding these factors can help homeowners better anticipate their property tax obligations.
Average Westmoreland Tax Bill
$391
Average Macon County Tax Bill
$483
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Westmoreland, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37186 | $92 | $183 | $391 | $693 | $1,025 |
Source: Ownwell