Etowah, Tennessee Property Taxes
The median property tax rate in Etowah, TN is 0.59%, which is significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $87,000 in Etowah, the typical annual property tax bill is $612, well below the national median of $2,690. Property taxes in Etowah are calculated based on the assessed value, which often falls below market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Etowah'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 Etowah or elsewhere in McMinn County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Etowah, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$513
$476
Ownwell’s Etowah Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Etowah with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Etowah 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 Etowah, Tennessee
Property taxes in Etowah, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Etowah is 0.59%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Etowah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Etowah 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 Etowah's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37331 zip code has both the highest and lowest median property tax rate of 0.59%. Understanding how these areas compare with Etowah 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 Etowah Tax Rate
0.59%
Average Mcminn County Tax Rate
0.48%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Etowah, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37331 | 0.40% | 0.43% | 0.59% | 0.98% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Etowah, Tennessee
In Etowah, 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 Property Assessor 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. 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 Etowah helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Etowah, the highest median tax bill is $612 in the 37331 zip code, while the lowest median tax bill is also $612, reflecting a uniformity in tax assessments across the area.
Average Etowah Assessed Value
$87,000
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 Etowah, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37331 | $37,900 | $56,825 | $87,000 | $133,075 | $190,550 |
Source: Ownwell
Property Tax Bills Across Etowah, Tennessee
In Etowah, located in McMinn County, TN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. For instance, with a median home price of $87,000, the assessed value would be a fraction of this amount, which is then multiplied by the local tax rate to determine the tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. In Etowah, the tax bills can vary significantly, with the 25th percentile paying around $399 and the 75th percentile paying about $856. At the 90th percentile, the tax bill can be as high as $1,168. Compared to the national median property tax rate of 0.99%, homeowners in Etowah may find their tax bills relatively manageable, though they can still impact household budgets significantly. Understanding these factors helps homeowners anticipate their annual property tax obligations.
Average Etowah Tax Bill
$612
Average Mcminn County Tax Bill
$618
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Etowah, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37331 | $228 | $399 | $612 | $856 | $1,168 |
Source: Ownwell