Sweetwater, Tennessee Property Taxes
The median property tax rate in Sweetwater, TN is 0.41%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Sweetwater at $101,400, the typical annual property tax bill is $447, which is well below the national median of $2,690. Property taxes in Sweetwater are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sweetwater'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 Sweetwater 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
Sweetwater, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$416
$386
Ownwell’s Sweetwater Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sweetwater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sweetwater 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 Sweetwater, Tennessee
Property taxes in Sweetwater, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sweetwater is 0.41%, which is lower than the U.S. national median of 0.99%. Local government entities within Sweetwater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sweetwater 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 Sweetwater's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37874 has both the highest and lowest median property tax rate of 0.41%. Understanding how these cities compare with Sweetwater 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 Sweetwater Tax Rate
0.41%
Average Mcminn County Tax Rate
0.48%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sweetwater, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37874 | 0.36% | 0.39% | 0.41% | 0.46% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Sweetwater, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Sweetwater, Tennessee. 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 Sweetwater, 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 zip code 37874 has the highest and lowest median tax bill at $447. 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 Sweetwater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sweetwater Assessed Value
$101,400
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 Sweetwater, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37874 | $36,120 | $64,950 | $101,400 | $154,250 | $229,560 |
Source: Ownwell
Property Tax Bills Across Sweetwater, Tennessee
Property tax bills in Sweetwater, McMinn County, TN, are calculated based on the assessed value of a property, which is a percentage of its market value. Homeowners in Sweetwater face a median property tax rate that is significantly lower than the national median of 0.99%. With a median home price of $101,400, the property tax bill varies widely. The 25th percentile tax bill is around $295, while the 75th percentile reaches approximately $669. For those in the 90th percentile, the tax bill can be as high as $942. Several factors influence these tax bills, including property location, home size, and local tax rates. These taxes fund essential public services such as schools, infrastructure, and emergency services. For homeowners, understanding these factors is crucial as they directly impact annual expenses. By staying informed, homeowners can better manage their financial planning and potentially seek exemptions or appeals to lower their tax burden.
Average Sweetwater Tax Bill
$447
Average Mcminn County Tax Bill
$618
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Sweetwater, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37874 | $174 | $295 | $447 | $669 | $942 |
Source: Ownwell