Tellico Plains, Tennessee Property Taxes
The median property tax rate in Tellico Plains, TN is 0.56%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $103,550 in Tellico Plains, the typical annual property tax bill amounts to $590, well below the national median of $2,690. Property taxes in Tellico Plains are determined based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding the property tax system in Tellico Plains, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Tellico Plains or another part of Monroe County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tellico Plains, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$580
$538
Ownwell’s Tellico Plains Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tellico Plains with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tellico Plains 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 Monroe County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Tellico Plains, Tennessee
Property taxes in Tellico Plains, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tellico Plains is 0.56%, which is notably lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities in Tellico Plains set these rates annually, and they can vary across different neighborhoods. Each year, Tellico Plains 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 Tellico Plains' effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37385 has both the highest and lowest median property tax rate of 0.56%. Understanding how these areas compare with Tellico Plains 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 Tellico Plains 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 Tellico Plains, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37385 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Tellico Plains, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tellico Plains, 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 Monroe County Assessor 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 Tellico Plains, 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 Tellico Plains helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 37385 has the highest and lowest median tax bill at $590.
Property Tax Assessment Values Across Tellico Plains, Tennessee
Source: Ownwell
$68,300
$158,750
$249,200
Average Tellico Plains Assessed Value
$103,550
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 Tellico Plains, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37385 | $34,590 | $60,700 | $103,550 | $165,400 | $242,200 |
Source: Ownwell
Property Tax Bills Across Tellico Plains, Tennessee
In Tellico Plains, Monroe County, TN, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property type, location, and improvements can influence the assessed value. For homeowners, the median home price in Tellico Plains is $103,550. Property tax bills can vary significantly, with the 25th percentile at $344 and the 75th percentile reaching $944. The 90th percentile tax bill can go up to $1,384. Despite these variations, the highest and lowest median tax bills in the area are both recorded at $590, showing a relatively consistent tax landscape. When compared to the national median property tax rate of 0.99%, Tellico Plains offers a favorable tax environment for homeowners, potentially making it an attractive location for those looking to manage their property tax expenses effectively.
Average Tellico Plains Tax Bill
$590
Average Monroe County Tax Bill
$742
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Tellico Plains, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37385 | $195 | $344 | $590 | $944 | $1,384 |
Source: Ownwell