College Grove, Tennessee Property Taxes
The median property tax rate in College Grove, TN is 0.45%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $309,000 in College Grove, the typical annual property tax bill amounts to $1,380, which is well below the national median of $2,690. Property taxes in College Grove are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding College Grove'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 College Grove 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
College Grove, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$1,391
Ownwell’s College Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in College Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in College Grove 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 College Grove, Tennessee
Property taxes in College Grove, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in College Grove is 0.45%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within College Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, College Grove 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 College Grove's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37046 zip code has both the highest and lowest median property tax rate of 0.45%. Understanding how these cities compare with College Grove 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 College Grove 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 College Grove, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37046 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across College Grove, Tennessee
In College Grove, 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 Marshall 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 College Grove, 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. For instance, the median home price in College Grove is $309,000, with tax bills ranging from $934 at the 25th percentile to $3,155 at the 90th percentile. The highest and lowest median tax bills are both $1,380, found in the 37046 zip code. By understanding 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 College Grove, Tennessee
Source: Ownwell
$171,200
$298,800
$426,400
Average College Grove Assessed Value
$309,000
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 College Grove, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37046 | $114,400 | $205,500 | $309,000 | $437,250 | $705,920 |
Source: Ownwell
Property Tax Bills Across College Grove, Tennessee
In College Grove, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $309,000, homeowners can expect varying tax bills. The 25th percentile tax bill is approximately $934, while the 75th percentile reaches around $1931, and the 90th percentile can go up to $3155. These figures highlight the range of property tax responsibilities within the community. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or abatements. Homeowners in College Grove, TN, should be aware that their property tax bills may differ significantly based on these variables. Compared to the national median property tax rate of 0.99%, College Grove offers a relatively moderate tax rate, making it an attractive option for homeowners seeking manageable property tax obligations.
Average College Grove Tax Bill
$1,380
Average Marshall County Tax Bill
$1,145
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across College Grove, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37046 | $520 | $934 | $1,380 | $1,931 | $3,155 |
Source: Ownwell