Woodlawn, Tennessee Property Taxes
The median property tax rate in Woodlawn, TN is 0.75%, which is lower than the national median of 0.99% but higher than the Tennessee state median of 0.64%. With the median home value in Woodlawn at $167,350, the typical annual property tax bill amounts to $1,239, which is below the national median of $2,690. Property taxes in Woodlawn are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Woodlawn'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 Woodlawn or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Woodlawn, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,255
Ownwell’s Woodlawn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodlawn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodlawn 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 Woodlawn, Tennessee
Property taxes in Woodlawn, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodlawn is 0.75%, which is below the U.S. national median of 0.99%. Local government entities within Woodlawn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodlawn 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 Woodlawn's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37191 zip code has the highest median property tax rate of 0.75%, while the same 37191 zip code also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Woodlawn 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 Woodlawn 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 Woodlawn, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37191 | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Woodlawn, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Woodlawn, 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 Montgomery 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. Assessment notices in Woodlawn 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 Woodlawn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Woodlawn, the zip code 37191 has the highest and lowest median tax bill, both at $1,239. The 25th percentile tax bill is $938, the 75th percentile is $1,670, and the 90th percentile reaches $2,308.
Average Woodlawn Assessed Value
$167,350
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 Woodlawn, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37191 | $78,620 | $126,000 | $167,350 | $226,075 | $324,791 |
Source: Ownwell
Property Tax Bills Across Woodlawn, Tennessee
In Woodlawn, Montgomery County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the county's property assessor. This assessed value is typically a percentage of the property's market value. The local tax rate, or millage rate, is then applied to this assessed value to determine the annual tax bill. Various factors, such as property location, improvements, and market conditions, influence the assessed value. For homeowners in Woodlawn, the median home price stands at $167,350. Property tax bills vary significantly, with the 25th percentile at $938 and the 75th percentile at $1670. At the higher end, the 90th percentile tax bill reaches $2308. Compared to the national median property tax rate of 0.99%, these figures provide insight into the local tax burden. Understanding these elements helps homeowners anticipate their annual tax obligations and manage their finances accordingly.
Average Woodlawn Tax Bill
$1,239
Average Montgomery County Tax Bill
$1,610
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodlawn, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37191 | $567 | $938 | $1,239 | $1,670 | $2,308 |
Source: Ownwell