Jasper, Tennessee Property Taxes
The median property tax rate in Jasper, TN is 0.44%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $123,500 in Jasper, the typical annual property tax bill is $599, which is well below the national median of $2,690. Property taxes in Jasper 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 Jasper'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 Jasper or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jasper, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$543
$504
Ownwell’s Jasper Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jasper with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jasper 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 Jasper, Tennessee
Property taxes in Jasper, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jasper is 0.44%, which is lower than the U.S. national median of 0.99%. Local government entities within Jasper set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jasper 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 Jasper's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37347 zip code has both the highest and lowest median property tax rate of 0.44%. Understanding how these cities compare with Jasper provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jasper Tax Rate
0.44%
Average Marion County Tax Rate
0.44%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jasper, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37347 | 0.44% | 0.44% | 0.44% | 0.53% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Jasper, Tennessee
In Jasper, 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 Marion 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 Jasper, 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 Jasper helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 37347 has the highest and lowest median tax bill at $599.
Average Jasper Assessed Value
$123,500
Average Marion County Assessed Value
$88,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jasper, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37347 | $16,200 | $56,800 | $123,500 | $188,300 | $316,200 |
Source: Ownwell
Property Tax Bills Across Jasper, Tennessee
In Jasper, located in Marion County, TN, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this value. The median home price in Jasper is $123,500, which serves as a baseline for calculating tax obligations. Jasper's property tax rate is relatively low compared to the national median of 0.99%, making it an attractive location for homeowners. Several factors influence the final tax bill, including the assessed value of the property and any applicable exemptions or deductions. For instance, the tax bill at the 25th percentile is around $275, while at the 75th percentile, it rises to approximately $917. At the 90th percentile, homeowners can expect to pay up to $1,542. The highest median tax bill in the area is $599, applicable to the 37347 zip code. These property tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. Lower tax rates in Jasper offer homeowners some relief, making it a financially viable option for many.
Average Jasper Tax Bill
$599
Average Marion County Tax Bill
$420
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Jasper, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37347 | $74 | $275 | $599 | $917 | $1,542 |
Source: Ownwell