Reliance, Tennessee Property Taxes
The median property tax rate in Reliance, TN is 0.56%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Reliance at $103,200, the typical annual property tax bill reaches $578, significantly below the national median of $2,690. Property taxes in Reliance 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 Reliance'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 Reliance 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
Reliance, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$578
$536
Ownwell’s Reliance Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Reliance with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reliance 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 Reliance, Tennessee
Property taxes in Reliance, Tennessee, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Reliance is 0.56%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Reliance set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reliance 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 Reliance's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37369 zip code has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Reliance 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 Reliance 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 Reliance, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37369 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Reliance, Tennessee
In Reliance, 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 Monroe County 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 Reliance, 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 Reliance helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 37369 has the highest median tax bill at $578.00.
Average Reliance Assessed Value
$103,200
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 Reliance, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37369 | $39,640 | $66,100 | $103,200 | $135,750 | $178,940 |
Source: Ownwell
Property Tax Bills Across Reliance, Tennessee
In Reliance, located in Monroe County, TN, property tax bills are calculated based on the assessed value of a home. This assessed value is a percentage of the property's market value, which in Reliance is influenced by the median home price of $103,200. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors, such as property size, location, and improvements, can affect the assessed value, ultimately impacting the tax bill. For homeowners in Reliance, the property tax bill can vary significantly. At the 25th percentile, homeowners might pay around $370 annually, whereas those at the 75th percentile could see bills closer to $760. The top 10% of tax bills can reach up to $1,002. Comparing these figures to the national median property tax rate of 0.99%, homeowners in Reliance generally experience lower property tax rates, making it a relatively affordable area for property taxes. This affordability can provide financial relief to homeowners, allowing them to allocate resources to other essential expenses.
Average Reliance Tax Bill
$578
Average Monroe County Tax Bill
$742
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Reliance, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37369 | $222 | $370 | $578 | $760 | $1,002 |
Source: Ownwell