Vonore, Tennessee Property Taxes
The median property tax rate in Vonore, 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 Vonore at $178,300, the typical annual property tax bill is $1,041, well below the national median of $2,690. Property taxes in Vonore 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 Vonore'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 Vonore 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
Vonore, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$998
Ownwell’s Vonore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vonore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vonore 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 Vonore, Tennessee
Property taxes in Vonore, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vonore is 0.56%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Vonore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vonore 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 Vonore's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37885 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 Vonore 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 Vonore 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 Vonore, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37885 | 0.56% | 0.56% | 0.56% | 0.56% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Vonore, Tennessee
In Vonore, 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 Vonore, 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 Vonore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Vonore is $178,300. The zip code with the highest median tax bill is 37885, with a median tax bill of $1,041, which is also the lowest median tax bill in the area. The 25th percentile tax bill is $564, while the 75th percentile tax bill is $1,979, and the 90th percentile tax bill is $3,283.
Average Vonore Assessed Value
$178,300
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 Vonore, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37885 | $51,850 | $96,700 | $178,300 | $351,575 | $572,300 |
Source: Ownwell
Property Tax Bills Across Vonore, Tennessee
In Vonore, located in Monroe County, TN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is a percentage of the market value of your property, which is determined by the county's property assessor. This assessed value is then multiplied by the local tax rate to determine your tax bill. Homeowners in Vonore can expect a wide range of tax bills. For instance, the tax bill for the 25th percentile is approximately $564, while the 75th percentile sees tax bills around $1,979. At the 90th percentile, homeowners might face tax bills as high as $3,283. The median home price in Vonore stands at $178,300, which influences these calculations. Compared to the national median property tax rate of 0.99%, Vonore's rates can be seen as relatively favorable or burdensome depending on individual property values and other local factors. Understanding these elements helps homeowners anticipate their property tax obligations and budget accordingly.
Average Vonore Tax Bill
$1,041
Average Monroe County Tax Bill
$742
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Vonore, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37885 | $304 | $564 | $1,041 | $1,979 | $3,283 |
Source: Ownwell