Englewood, Tennessee Property Taxes
The median property tax rate in Englewood, TN is 0.56%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Englewood at $92,350, the typical annual property tax bill amounts to $531, well below the national median of $2,690. Property taxes in Englewood are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the 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 Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Englewood, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$517
$480
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, Tennessee
Property taxes in Englewood, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Englewood is 0.56%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Englewood set these rates annually, and they can vary significantly 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 counties in Tennessee and the national median. For comparison, the 37329 zip code has the same median property tax rate of 0.56%, reflecting a uniformity in tax rates within Monroe County. Understanding how these cities compare with Englewood provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Englewood Tax Rate
0.56%
Average Monroe County Tax Rate
0.56%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Englewood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37329 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Englewood, 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 Monroe 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. 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. The zip code with the highest median tax bill is 37329, with a median tax bill of $531, which is significantly below the national median property tax rate of 0.99%.
Average Englewood Assessed Value
$92,350
Average Monroe County Assessed Value
$118,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Englewood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37329 | $31,570 | $52,750 | $92,350 | $154,950 | $224,110 |
Source: Ownwell
Property Tax Bills Across Englewood, Tennessee
In Englewood, Monroe County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Englewood is $92,350, and property tax rates are applied to this assessed value to determine the tax bill. Factors such as property location, improvements, and local tax rates influence the final amount. For instance, the tax bill at the 25th percentile is $296, while at the 75th percentile, it rises to $875, and at the 90th percentile, it reaches $1,255. This variation demonstrates how different property values and local tax rates can impact homeowners. Compared to the national median property tax rate of 0.99%, Englewood's tax rates reflect the local economic conditions and funding needs. Homeowners in Englewood must consider these factors when budgeting for annual expenses, as property taxes contribute significantly to the overall cost of homeownership.
Average Englewood Tax Bill
$531
Average Monroe County Tax Bill
$742
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Englewood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37329 | $176 | $296 | $531 | $875 | $1,255 |
Source: Ownwell