Bells, Madison County, Tennessee Property Taxes
The median property tax rate in Bells, 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 Bells at $164,400, the typical annual property tax bill is $770, which is well below the national median of $2,690. Property taxes in Bells are determined based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bells' property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Bells or another part of the city, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bells, Madison County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$773
$717
Ownwell’s BELLS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BELLS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BELLS 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 Bells, Madison County, Tennessee
Property taxes in Bells, Tennessee, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Bells is 0.47%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Bells set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bells 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 Bells' effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38006 zip code has the highest median property tax rate of 0.47%, while the 38006 zip code also has the lowest median tax rate of 0.47%. Understanding how these cities compare with Bells provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bells Tax Rate
0.47%
Average Madison County Tax Rate
0.87%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bells, Madison County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38006 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Bells, Madison County, Tennessee
In Bells, 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 Madison 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 Bells, 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 median home price in Bells is $164,400, with the highest median tax bill being $770 in zip code 38006. Being aware of these valuation processes in Bells helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Bells, Madison County, Tennessee
Source: Ownwell
$43,800
$120,300
$196,800
Average Bells Assessed Value
$164,400
Average Madison County Assessed Value
$135,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bells, Madison County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38006 | $20,480 | $62,800 | $164,400 | $191,200 | $247,460 |
Source: Ownwell
Property Tax Bills Across Bells, Madison County, Tennessee
In Bells, Tennessee, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the local assessor's office and is a percentage of the property's market value. For example, if the median home price in Bells is $164,400, the assessed value would be a fraction of that amount. Property tax rates in Bells are influenced by various factors, including local government budgets and public service funding needs. Homeowners in Bells can expect their tax bills to vary significantly. The 25th percentile tax bill is around $306, while the 75th percentile tax bill reaches approximately $896. At the higher end, the 90th percentile tax bill can be as much as $1,159. For comparison, the median property tax bill in the highest-taxed zip code, 38006, is $770. These variations in tax bills can impact homeowners differently, affecting their budget and financial planning based on the assessed value of their property and the applicable tax rate.
Average Bells Tax Bill
$770
Average Madison County Tax Bill
$848
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Bells, Madison County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38006 | $96 | $306 | $770 | $896 | $1,159 |
Source: Ownwell