Niota, Tennessee Property Taxes
The median property tax rate in Niota, TN is 0.42%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $73,100 in Niota, the typical annual property tax bill amounts to $313, well below the national median of $2,690. Property taxes in Niota are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Niota'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 Niota or elsewhere in Meigs County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Niota, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$307
Ownwell’s Niota Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Niota with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Niota 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 Niota, Tennessee
Property taxes in Niota, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Niota is 0.42%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Niota set these rates annually, and they can vary significantly across different neighborhoods. Each year, Niota 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 Niota's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37826 has both the highest and lowest median property tax rate of 0.42%. Understanding how these areas compare with Niota provides valuable insights into the varying tax landscape across Meigs County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Niota Tax Rate
0.42%
Average Meigs County Tax Rate
0.42%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Niota, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37826 | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Niota, Tennessee
In Niota, 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 Meigs 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 Niota, 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 Niota helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 37826 has the highest and lowest median tax bills, both at $313.
Average Niota Assessed Value
$73,100
Average Meigs County Assessed Value
$118,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Niota, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37826 | $27,510 | $43,300 | $73,100 | $114,425 | $188,120 |
Source: Ownwell
Property Tax Bills Across Niota, Tennessee
In Niota, Meigs 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 Niota is $73,100. Property taxes are then determined by applying the local tax rate to this assessed value. For instance, homeowners in Niota can expect their property tax bills to vary widely, with the 25th percentile at $178 and the 75th percentile reaching $483. The 90th percentile sees even higher tax bills at $835. These variations depend on factors such as property size, location, and improvements. The highest and lowest median tax bills in the area are both $313, within the zip code 37826. Compared to the national median property tax rate of 0.99%, Niota's property tax rate impacts homeowners differently, offering relatively lower tax burdens. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Niota Tax Bill
$313
Average Meigs County Tax Bill
$522
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Niota, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37826 | $116 | $178 | $313 | $483 | $835 |
Source: Ownwell