Tullahoma, Tennessee Property Taxes
The median property tax rate in Tullahoma, TN is 0.60%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Tullahoma at $179,000, the typical annual property tax bill amounts to $1,056, significantly below the national median of $2,690. Property taxes in Tullahoma are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Tullahoma'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 Tullahoma 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
Tullahoma, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$1,074
Ownwell’s Tullahoma Property Tax Bill Calculator assists any homeowner, real estate investor, or potential owner in estimating their annual property taxes in Tullahoma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tullahoma 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 Tullahoma, Tennessee
Property taxes in Tullahoma, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tullahoma is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Tullahoma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tullahoma 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 Tullahoma's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37388 zip code has the highest median property tax rate of 0.60%, while the 37388 zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Tullahoma 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 Tullahoma Tax Rate
0.60%
Average Moore County Tax Rate
0.61%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tullahoma, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37388 | 0.60% | 0.60% | 0.60% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Tullahoma, Tennessee
In Tullahoma, 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 Moore 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 Tullahoma, 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 Tullahoma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $1056.00 in the zip code 37388, reflecting the uniformity in tax assessments within the region.
Average Tullahoma Assessed Value
$179,000
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 Tullahoma, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37388 | $72,720 | $119,000 | $179,000 | $264,900 | $374,240 |
Source: Ownwell
Property Tax Bills Across Tullahoma, Tennessee
In Tullahoma, located in Moore County, TN, property tax bills are calculated based on the assessed value of a homeowner's property. The assessment process begins with the market value of the home, which is then multiplied by the assessment ratio set by the state. For residential properties in Tennessee, this ratio is typically 25%. Once the assessed value is determined, the local tax rate is applied to calculate the annual property tax bill. Several factors influence the final tax bill, including the property's market value, changes in local tax rates, and any applicable exemptions or abatements. For example, the median home price in Tullahoma is $179,000, resulting in varying tax bills across different percentiles. Homeowners in the 25th percentile pay approximately $698, while those in the 75th percentile face bills around $1,593. At the 90th percentile, the tax bill can reach up to $2,258. These property taxes significantly impact homeowners by contributing to community services and infrastructure, while also affecting overall housing affordability and financial planning.
Average Tullahoma Tax Bill
$1,056
Average Moore County Tax Bill
$1,024
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Tullahoma, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37388 | $378 | $698 | $1,056 | $1,593 | $2,258 |
Source: Ownwell