Santa Fe, Tennessee Property Taxes
The median property tax rate in Santa Fe, TN is 0.48%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Santa Fe at $215,000, the typical annual property tax bill reaches $996, well below the national median of $2,690. Property taxes in Santa Fe 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 Santa Fe'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 Santa Fe 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
Santa Fe, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Santa Fe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Santa Fe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Santa Fe 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 Santa Fe, Tennessee
Property taxes in Santa Fe, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Santa Fe is 0.48%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Santa Fe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Santa Fe 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 Santa Fe's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38482 zip code has the highest median property tax rate of 0.48%, while the 38482 zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Santa Fe provides valuable insights into the varying tax landscape across Maury County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Santa Fe Tax Rate
0.48%
Average Maury County Tax Rate
0.66%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Santa Fe, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38482 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Santa Fe, Tennessee
In Santa Fe, 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 Maury 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 Santa Fe, 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 Santa Fe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills are both $996 in the 38482 zip code.
Average Santa Fe Assessed Value
$215,000
Average Maury County Assessed Value
$247,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Santa Fe, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38482 | $50,000 | $120,725 | $215,000 | $324,300 | $456,010 |
Source: Ownwell
Property Tax Bills Across Santa Fe, Tennessee
In Santa Fe, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county's property assessor and is a percentage of the market value of the property. Various factors are considered in this assessment, including the size of the property, its location, and the condition of the home. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Santa Fe, the tax bill can vary significantly. For example, the tax bill at the 25th percentile is $567, while at the 75th percentile, it climbs to $1,422, and at the 90th percentile, it reaches $2,042. This variation can impact homeowners differently, depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Santa Fe's rates can be seen as relatively moderate, providing some relief to homeowners in this area.
Average Santa Fe Tax Bill
$996
Average Maury County Tax Bill
$1,525
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Santa Fe, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38482 | $249 | $567 | $996 | $1,422 | $2,042 |
Source: Ownwell