Petersburg, Tennessee Property Taxes
The median property tax rate in Petersburg, TN is 0.61%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value in Petersburg of $134,800, the typical annual property tax bill amounts to $835, significantly below the national median of $2,690. Property taxes in Petersburg are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Petersburg'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 Petersburg 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
Petersburg, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$822
$763
Ownwell’s Petersburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Petersburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petersburg 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 Petersburg, Tennessee
Property taxes in Petersburg, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Petersburg is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Petersburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Petersburg 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 Petersburg's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37144 zip code has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Petersburg provides valuable insights into the varying tax landscape across Moore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Petersburg Tax Rate
0.61%
Average Moore County Tax Rate
0.61%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Petersburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37144 | 0.60% | 0.60% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Petersburg, Tennessee
In Petersburg, 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 local 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 Petersburg, 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. For instance, the median home price in Petersburg is $134,800, with tax bills ranging from $536 at the 25th percentile to $1,924 at the 90th percentile. The zip code 37144 has the highest and lowest median tax bill of $835. Being aware of these valuation processes in Petersburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Petersburg Assessed Value
$134,800
Average Moore County Assessed Value
$174,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Petersburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37144 | $58,590 | $89,625 | $134,800 | $212,400 | $325,260 |
Source: Ownwell
Property Tax Bills Across Petersburg, Tennessee
In Petersburg, Tennessee, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is a percentage of the market value of the property. Homeowners in Petersburg can expect their tax bills to vary significantly depending on their property's assessed value and the local tax rate. For instance, the median home price in Petersburg is $134,800. Homeowners with properties in the 25th percentile typically receive tax bills around $536, while those in the 75th percentile see bills closer to $1,292. At the 90th percentile, tax bills can reach up to $1,924. These figures illustrate the range of property tax bills that homeowners in Petersburg might experience. Compared to the national median property tax rate of 0.99%, Petersburg’s tax bills reflect the local economic conditions and property values. Understanding these factors helps homeowners anticipate their annual expenses and plan accordingly.
Average Petersburg Tax Bill
$835
Average Moore County Tax Bill
$1,024
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Petersburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37144 | $363 | $536 | $835 | $1,292 | $1,924 |
Source: Ownwell