Bethel Springs, Tennessee Property Taxes
The median property tax rate in Bethel Springs, TN is 0.39%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $94,500 in Bethel Springs, the typical annual property tax bill amounts to $408, well below the national median of $2,690. Property taxes in Bethel Springs are based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Bethel Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Bethel Springs or another part of McNairy County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bethel Springs, 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 Bethel Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bethel Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bethel Springs 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 Bethel Springs, Tennessee
Property taxes in Bethel Springs, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bethel Springs is 0.39%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Bethel Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bethel Springs 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 Bethel Springs' effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest median property tax rate in Tennessee is significantly higher, while the lowest median tax rate is considerably lower. Understanding how these cities compare with Bethel Springs provides valuable insights into the varying tax landscape across McNairy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bethel Springs Tax Rate
0.39%
Average Mcnairy County Tax Rate
0.39%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bethel Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38315 | 0.39% | 0.39% | 0.39% | 0.40% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Bethel Springs, Tennessee
In Bethel Springs, 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 McNairy 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 Bethel Springs, 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. Homes in Bethel Springs have a median home price of $94,500, with tax bills ranging from $199 at the 25th percentile to $989 at the 90th percentile. The zip code with the highest and lowest median tax bill is 38315, both at $408. 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 Bethel Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Bethel Springs, Tennessee
Source: Ownwell
$73,550
$107,225
$140,900
Average Bethel Springs Assessed Value
$94,500
Average Mcnairy County Assessed Value
$107,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bethel Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38315 | $22,920 | $46,500 | $94,500 | $156,700 | $242,360 |
Source: Ownwell
Property Tax Bills Across Bethel Springs, Tennessee
In Bethel Springs, located in McNairy County, TN, property tax bills 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 is then multiplied by the tax rate to calculate the annual tax bill. For example, with a median home price of $94,500, homeowners can expect varying tax bills depending on their property's assessed value and specific tax rate. Tax bills in Bethel Springs range significantly, with the 25th percentile at $199 and the 75th percentile at $643. The highest median tax bill in the area is $408, which is considerably lower than the national median property tax rate of 0.99%. This relatively low tax burden can be advantageous for homeowners, making Bethel Springs an attractive place for those looking to manage their property tax expenses effectively. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Bethel Springs Tax Bill
$408
Average Mcnairy County Tax Bill
$471
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Bethel Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38315 | $92 | $199 | $408 | $643 | $989 |
Source: Ownwell