Harriman, Tennessee Property Taxes
The median property tax rate in Harriman, TN is 0.68%, slightly higher than the state median of 0.64% but notably lower than the national median of 0.99%. With the median home value in Harriman at $93,700, the typical annual property tax bill is $638, significantly below the national median of $2,690. Property taxes in Harriman are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Harriman'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 Harriman 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
Harriman, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$637
$591
Ownwell’s Harriman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harriman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harriman 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 Harriman, Tennessee
Property taxes in Harriman, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harriman is 0.68%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Harriman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harriman 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 Harriman's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37748 zip code has the highest median property tax rate of 0.68%, while the 37748 zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Harriman provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Harriman Tax Rate
0.68%
Average Morgan County Tax Rate
0.68%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harriman, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37748 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Harriman, Tennessee
In Harriman, 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 Morgan 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 Harriman, 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. For instance, the median home price in Harriman is $93,700, with tax bills ranging from $350 at the 25th percentile to $1,536 at the 90th percentile. The highest and lowest median tax bills are both $638 in zip code 37748. 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 Harriman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Harriman Assessed Value
$93,700
Average Morgan County Assessed Value
$87,650
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Harriman, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37748 | $25,520 | $51,750 | $93,700 | $153,450 | $224,700 |
Source: Ownwell
Property Tax Bills Across Harriman, Tennessee
In Harriman, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. Factors such as the property's location, size, and condition influence this assessment. The tax rate is then applied to the assessed value to determine the annual tax bill. For homeowners in Harriman, the median home price is $93,700. Tax bills can vary significantly, with the 25th percentile being around $350, while the 75th percentile reaches $1,045. At the 90th percentile, homeowners might see tax bills as high as $1,536. Comparatively, the highest and lowest median tax bills in Harriman are both $638, indicating a consistent rate within the zip code 37748. These property taxes fund essential community services such as schools, public safety, and infrastructure. Although Harriman's property tax rate is competitive, homeowners need to budget for these costs as part of their overall homeownership expenses.
Average Harriman Tax Bill
$638
Average Morgan County Tax Bill
$603
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Harriman, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37748 | $172 | $350 | $638 | $1,045 | $1,536 |
Source: Ownwell