Wartburg, Tennessee Property Taxes
The median property tax rate in Wartburg, TN is 0.68%, slightly higher than the state median of 0.64% but below the national median of 0.99%. With the median home value in Wartburg at $96,450, the typical annual property tax bill is $658, significantly lower than the national median of $2,690. Property taxes in Wartburg are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Wartburg'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 Wartburg 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
Wartburg, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$656
Ownwell’s Wartburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wartburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wartburg 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 Wartburg, Tennessee
Property taxes in Wartburg, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wartburg is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Wartburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wartburg 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 Wartburg's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37887 has the highest median property tax rate of 0.68%, while also having the lowest median tax rate of 0.68%. Understanding how these cities compare with Wartburg 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 Wartburg 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 Wartburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37887 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Wartburg, Tennessee
In Wartburg, 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 Wartburg, 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 Wartburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Wartburg is $96,450, with property tax bills ranging from $400 at the 25th percentile to $1,405 at the 90th percentile. The highest and lowest median tax bills are both $658 in zip code 37887.
Average Wartburg Assessed Value
$96,450
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 Wartburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37887 | $22,620 | $58,175 | $96,450 | $143,500 | $205,200 |
Source: Ownwell
Property Tax Bills Across Wartburg, Tennessee
Property tax bills in Wartburg, located in Morgan County, TN, are determined by the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which is then multiplied by the tax rate set by the local government. For homeowners in Wartburg, the median home price is $96,450. With the national median property tax rate at 0.99%, Wartburg's property tax rates can significantly affect homeowners' annual expenses. Factors such as property size, location, and improvements can influence the assessed value, thereby impacting the tax bill. In Wartburg, the tax bill at the 25th percentile is $400, while at the 75th percentile, it is $984, and at the 90th percentile, it reaches $1405. This variation demonstrates how different factors can lead to a wide range of tax bills. Homeowners in zip code 37887, for instance, have a median tax bill of $658, reflecting the localized nature of property tax assessments within Morgan County. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Wartburg Tax Bill
$658
Average Morgan County Tax Bill
$603
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Wartburg, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37887 | $152 | $400 | $658 | $984 | $1,405 |
Source: Ownwell