Chapmansboro, Tennessee Property Taxes
The median property tax rate in Chapmansboro, TN is 0.75%, lower than the national median of 0.99% yet higher than Tennessee's state median of 0.64%. With the median home value in Chapmansboro at $216,300, the typical annual property tax bill amounts to $1,570, which is below the national median of $2,690. Property taxes in Chapmansboro are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Chapmansboro'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 Chapmansboro or another part of Montgomery County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chapmansboro, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,622
Ownwell’s Chapmansboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chapmansboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chapmansboro 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 Chapmansboro, Tennessee
Property taxes in Chapmansboro, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chapmansboro is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Chapmansboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chapmansboro 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. For comparison, the 37035 zip code has both the highest and lowest median property tax rate in the area, standing at 0.75%. Understanding how these cities compare with Chapmansboro provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chapmansboro Tax Rate
0.75%
Average Montgomery County Tax Rate
1.05%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chapmansboro, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37035 | 0.73% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Chapmansboro, Tennessee
In Chapmansboro, 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 Montgomery 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 Chapmansboro, 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 Chapmansboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1570 in the 37035 zip code, while the lowest is also $1570, reflecting a consistent tax environment.
Property Tax Assessment Values Across Chapmansboro, Tennessee
Source: Ownwell
$134,500
$308,700
$482,900
Average Chapmansboro Assessed Value
$216,300
Average Montgomery County Assessed Value
$172,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chapmansboro, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37035 | $90,430 | $142,075 | $216,300 | $259,050 | $386,980 |
Source: Ownwell
Property Tax Bills Across Chapmansboro, Tennessee
In Chapmansboro, Montgomery County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the market value, reflecting the property's worth in the current real estate market. For instance, with a median home price of $216,300, homeowners can expect their tax bills to vary significantly. Factors influencing the tax bill include the property's location, size, and any applicable exemptions or deductions. The tax bill in Chapmansboro ranges widely, with the 25th percentile at $1,062 and the 75th percentile reaching $1,850. At the higher end, the 90th percentile tax bill can go up to $2,893. This variability affects homeowners differently, with those in higher-value homes or areas with fewer exemptions paying more. Compared to the national median property tax rate of 0.99%, Chapmansboro's rates reflect local economic conditions and county-specific assessment practices, impacting overall affordability and financial planning for residents.
Average Chapmansboro Tax Bill
$1,570
Average Montgomery County Tax Bill
$1,610
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Chapmansboro, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37035 | $676 | $1,062 | $1,570 | $1,850 | $2,893 |
Source: Ownwell