Culleoka, Tennessee Property Taxes
The median property tax rate in Culleoka, 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 $222,000 in Culleoka, the typical annual property tax bill is $1,009, well below the national median of $2,690. Property taxes in Culleoka are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Culleoka'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 Culleoka or another part of Marshall County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Culleoka, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$999
Ownwell’s Culleoka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Culleoka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Culleoka 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 Culleoka, Tennessee
Property taxes in Culleoka, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Culleoka 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 Culleoka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Culleoka 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 Culleoka's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38451 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 Culleoka 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 Culleoka 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 Culleoka, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38451 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Culleoka, Tennessee
In Culleoka, 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 Culleoka, 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 Culleoka helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Culleoka is $222,000, with the 25th percentile tax bill at $681 and the 75th percentile tax bill at $1,481. The highest and lowest median tax bills are both $1,009, found in zip code 38451.
Average Culleoka Assessed Value
$222,000
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 Culleoka, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38451 | $85,800 | $148,600 | $222,000 | $332,100 | $478,700 |
Source: Ownwell
Property Tax Bills Across Culleoka, Tennessee
Property tax bills in Culleoka, located in Marshall County, TN, are determined based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which in Culleoka is often influenced by factors such as location, property size, and home features. Homeowners in Culleoka face varying tax bills, with the 25th percentile at $681 and the 75th percentile reaching $1,481. The 90th percentile tax bill can go as high as $2,113. The highest median tax bill recorded is $1,009 in the 38451 zip code, which is also the lowest median tax bill, reflecting a uniformity in property tax assessments across the area. These tax bills significantly impact homeowners by influencing their annual housing costs and potentially affecting their financial planning. Compared to the national median property tax rate of 0.99%, Culleoka's property tax rates can provide some relief to homeowners, making it a financially attractive location for property investment.
Average Culleoka Tax Bill
$1,009
Average Marshall County Tax Bill
$1,145
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Culleoka, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38451 | $390 | $681 | $1,009 | $1,481 | $2,113 |
Source: Ownwell