Spring Creek, Madison County, Tennessee Property Taxes
The median property tax rate in Spring Creek, TN is 0.47%, significantly lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With the median home value in Spring Creek, the typical annual property tax bill amounts to $574, well below the national median of $2,690. Property taxes in Spring Creek are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Spring Creek's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Spring Creek or another part of Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spring Creek, Madison County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$576
$535
Ownwell’s Spring Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spring Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spring Creek 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 Spring Creek, Madison County, Tennessee
Property taxes in Spring Creek, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring Creek 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 Spring Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring Creek 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 Spring Creek's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38378 zip code has the highest median property tax rate of 0.47%, while the 38378 zip code also has the lowest median tax rate of 0.47%. Understanding how these areas compare with Spring Creek 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 Spring Creek 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 Spring Creek, Madison County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38378 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Spring Creek, Madison County, Tennessee
In Spring Creek, 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 Spring Creek, 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 Spring Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Spring Creek is $122,650, with the highest median tax bill being $574 in zip code 38378.
Property Tax Assessment Values Across Spring Creek, Madison County, Tennessee
Source: Ownwell
$43,800
$120,300
$196,800
Average Spring Creek Assessed Value
$122,650
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 Spring Creek, Madison County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38378 | $43,220 | $67,200 | $122,650 | $156,350 | $209,880 |
Source: Ownwell
Property Tax Bills Across Spring Creek, Madison County, Tennessee
In Spring Creek, Madison County, TN, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in this area is $122,650. Homeowners' tax bills can vary significantly, with the 25th percentile tax bill at $315, the 75th percentile at $733, and the 90th percentile reaching up to $983. These figures indicate a range of tax burdens depending on the property's assessed value and applicable tax rates. The assessed value is influenced by factors such as the property's location, size, and condition. Once the assessed value is determined, it is multiplied by the local tax rate to calculate the annual tax bill. This system ensures that homeowners contribute to local services like schools, infrastructure, and public safety based on their property’s value. Compared to the national median property tax rate of 0.99%, Spring Creek's property tax rates provide a relatively moderate tax burden for residents.
Average Spring Creek Tax Bill
$574
Average Madison County Tax Bill
$848
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Spring Creek, Madison County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38378 | $202 | $315 | $574 | $733 | $983 |
Source: Ownwell