Englewood, Mcminn County, Tennessee Property Taxes
The median property tax rate in Englewood, TN is 0.44%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $99,650 in Englewood, the typical annual property tax bill is $564, well below the national median of $2,690. Property taxes in Englewood 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 Englewood'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 Englewood or another part of McMinn County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Englewood, Mcminn County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$438
$407
Ownwell’s Englewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Englewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Englewood 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 Englewood, Mcminn County, Tennessee
Property taxes in Englewood, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Englewood is 0.44%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Englewood set these rates annually, and they can vary across different neighborhoods. Each year, Englewood 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 Englewood's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37329 has both the highest and the lowest median property tax rate of 0.44%, indicating uniformity in tax rates within the region. Understanding how these areas compare with Englewood provides valuable insights into the varying tax landscape across McMinn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Englewood Tax Rate
0.44%
Average Mcminn County Tax Rate
0.48%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Englewood, Mcminn County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37329 | 0.39% | 0.41% | 0.44% | 0.76% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Englewood, Mcminn County, Tennessee
In Englewood, 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 McMinn 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 Englewood, 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 highest median tax bill in Englewood is $564.00 in the zip code 37329, while the lowest median tax bill is also $564.00 in the same 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 in Englewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Englewood, Mcminn County, Tennessee
Source: Ownwell
$87,000
$114,925
$142,850
Average Englewood Assessed Value
$99,650
Average Mcminn County Assessed Value
$107,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Englewood, Mcminn County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37329 | $29,080 | $57,500 | $99,650 | $165,700 | $233,570 |
Source: Ownwell
Property Tax Bills Across Englewood, Mcminn County, Tennessee
In Englewood, McMinn County, TN, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Englewood is $99,650. The local tax rate is applied to this assessed value to determine the annual property tax bill. Homeowners in Englewood can expect their property tax bills to vary; the 25th percentile tax bill is $379, while the 75th percentile is $772, and the 90th percentile reaches $1,041. These figures highlight the range of tax burdens depending on property values and specific assessments. Despite the variability, the median tax bill in Englewood stands at $564, which is relatively modest compared to the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable in Englewood, impacting homeowners positively by reducing their annual expenses. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Englewood Tax Bill
$564
Average Mcminn County Tax Bill
$618
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Englewood, Mcminn County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37329 | $162 | $379 | $564 | $772 | $1,041 |
Source: Ownwell