Tracy City, Tennessee Property Taxes
The median property tax rate in Tracy City, TN is 0.44%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Tracy City at $46,100, the typical annual property tax bill is $204, far below the national median of $2,690. Property taxes in Tracy City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tracy City'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 Tracy City 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
Tracy City, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$203
Ownwell’s Tracy City Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Tracy City. By simply inputting your property's estimated assessed value, the calculator uses the median tax rate in Tracy City to provide an accurate estimate of your property tax bill. This user-friendly tool helps you gain a clear understanding of your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Marion County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Tracy City, Tennessee
Property taxes in Tracy City, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tracy City is 0.44%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Tracy City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tracy City 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 Tracy City's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37387 has both the highest and lowest median property tax rate of 0.44%. Understanding how these cities compare with Tracy City 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 Tracy City 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 Tracy City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37387 | 0.44% | 0.44% | 0.44% | 0.44% | 0.44% |
Source: Ownwell
Property Tax Assessment Values Across Tracy City, Tennessee
In Tracy City, 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 Tracy City, 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. The median home price in Tracy City is $46,100, with tax bills varying significantly. The 25th percentile tax bill is $124, while the 75th percentile tax bill is $437, and the 90th percentile tax bill reaches $619. Both the highest and lowest median tax bills are $204, and they are found in the zip code 37387. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tracy City Assessed Value
$46,100
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 Tracy City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37387 | $16,870 | $27,750 | $46,100 | $99,275 | $140,560 |
Source: Ownwell
Property Tax Bills Across Tracy City, Tennessee
In Tracy City, located in Marion County, TN, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is typically a percentage of the market value of the property. Homeowners in Tracy City experience tax bills that vary significantly depending on their property's valuation. For instance, the 25th percentile tax bill is $124, while the 75th percentile tax bill is $437. The 90th percentile tax bill can reach up to $619. The median home price in Tracy City is $46,100, which is relatively low compared to national averages. This lower market value contributes to the comparatively modest property tax bills in the area. Despite this, the property tax rate in Tracy City is a critical factor in determining the final tax bill, affecting how much homeowners need to budget annually. Understanding these factors can help homeowners anticipate their tax obligations and manage their finances more effectively.
Average Tracy City Tax Bill
$204
Average Marion County Tax Bill
$420
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Tracy City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37387 | $74 | $124 | $204 | $437 | $619 |
Source: Ownwell