Cookeville, Overton County, Tennessee Property Taxes
The median property tax rate in Cookeville, TN is 0.49%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Cookeville at $120,900, the typical annual property tax bill reaches $618, significantly below the national median of $2,690. Property taxes in Cookeville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cookeville'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 Cookeville 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
Cookeville, Overton County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$592
$550
Ownwell’s Cookeville Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Cookeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cookeville 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 Cookeville, Overton County, Tennessee
Property taxes in Cookeville, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cookeville is 0.49%, which is lower than the U.S. national median of 0.99%. Local government entities within Cookeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cookeville 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 Cookeville's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 38501 zip code has the highest median property tax rate of 0.49%, while the 38506 zip code has the lowest median tax rate of 0.49%. Understanding how these areas compare with Cookeville provides valuable insights into the varying tax landscape across Overton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cookeville Tax Rate
0.49%
Average Overton County Tax Rate
0.49%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cookeville, Overton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38501 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
| 38506 | 0.49% | 0.49% | 0.49% | 0.49% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Cookeville, Overton County, Tennessee
In Cookeville, 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 Overton 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 Cookeville, 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 highest median tax bill in the area is $620 in the 38506 zip code, while the lowest is $396 in the 38501 zip code. 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 Cookeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Cookeville, Overton County, Tennessee
Source: Ownwell
$62,250
$96,075
$129,900
Average Cookeville Assessed Value
$120,900
Average Overton County Assessed Value
$101,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cookeville, Overton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38501 | $46,600 | $50,200 | $68,500 | $141,700 | $367,960 |
| 38506 | $34,400 | $65,900 | $121,000 | $204,800 | $288,340 |
Source: Ownwell
Property Tax Bills Across Cookeville, Overton County, Tennessee
In Cookeville, located in Overton County, TN, property tax bills are determined based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Factors influencing the tax bill include the property's location, its assessed value, and the specific tax rate set by local authorities. For instance, the median home price in Cookeville is $120,900. Homeowners in the 25th percentile of tax bills pay around $340 annually, while those in the 75th percentile pay approximately $1,023. The 90th percentile sees tax bills reaching up to $1,497. The highest median tax bill in the area is $620 in the 38506 zip code, while the lowest is $396 in the 38501 zip code. These tax bills impact homeowners by influencing their overall housing costs, potentially affecting affordability and financial planning.
Average Cookeville Tax Bill
$618
Average Overton County Tax Bill
$570
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Cookeville, Overton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38501 | $230 | $247 | $396 | $698 | $1,817 |
| 38506 | $176 | $342 | $620 | $1,025 | $1,495 |
Source: Ownwell