Chapel Hill, Marshall County, Tennessee Property Taxes
The median property tax rate in Chapel Hill, TN is 0.45%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Chapel Hill at $270,900, the typical annual property tax bill is $1,368, well below the national median of $2,690. Property taxes in Chapel Hill 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 Chapel Hill'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 Chapel Hill 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
Chapel Hill, Marshall County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$1,219
$1,131
Ownwell’s Chapel Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chapel Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chapel Hill 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 Chapel Hill, Marshall County, Tennessee
Property taxes in Chapel Hill, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chapel Hill is 0.45%, which is significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Chapel Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chapel Hill 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 Chapel Hill's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37034 zip code has the highest median property tax rate of 0.45%, while the same zip code also has the lowest median tax rate of 0.45%. Understanding how these cities compare with Chapel Hill provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chapel Hill Tax Rate
0.45%
Average Marshall County Tax Rate
0.45%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chapel Hill, Marshall County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37034 | 0.45% | 0.45% | 0.45% | 0.48% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Chapel Hill, Marshall County, Tennessee
In Chapel Hill, 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 Chapel Hill, 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 Chapel Hill is $270,900, with tax bills ranging from $1,043 at the 25th percentile to $2,204 at the 90th percentile. Notably, the highest and lowest median tax bills are both $1,368 in the 37034 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Chapel Hill, Marshall County, Tennessee
Source: Ownwell
$171,200
$298,800
$426,400
Average Chapel Hill Assessed Value
$270,900
Average Marshall County Assessed Value
$204,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chapel Hill, Marshall County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37034 | $139,300 | $200,875 | $270,900 | $353,525 | $438,800 |
Source: Ownwell
Property Tax Bills Across Chapel Hill, Marshall County, Tennessee
In Chapel Hill, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. Homeowners in Chapel Hill face property tax bills that vary significantly, with the 25th percentile paying around $1,043 and the 75th percentile paying up to $1,726. The highest median tax bill in the area is $1,368, found in the 37034 zip code. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. These taxes fund essential public services such as schools, infrastructure, and emergency services. For homeowners, understanding how their tax bill is calculated can provide clarity and help them plan financially. Compared to the national median property tax rate of 0.99%, Chapel Hill's rates reflect the local economic conditions and property values, impacting homeowners' overall financial planning and budgeting.
Average Chapel Hill Tax Bill
$1,368
Average Marshall County Tax Bill
$1,145
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Chapel Hill, Marshall County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37034 | $742 | $1,043 | $1,368 | $1,726 | $2,204 |
Source: Ownwell