Charleston, Tennessee Property Taxes
The median property tax rate in Charleston, TN is 0.63%, slightly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Charleston at $57,500, the typical annual property tax bill is $361, significantly below the national median of $2,690. Property taxes in Charleston are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Charleston'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 Charleston or another part of Polk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Charleston, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$362
$336
Ownwell’s Charleston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Charleston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Charleston 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 Charleston, Tennessee
Property taxes in Charleston, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Charleston is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Charleston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Charleston 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 Charleston's effective property tax rate to other areas and the national median. For comparison, the zip code 37310 has both the highest and lowest median property tax rate of 0.63%, highlighting the uniformity within the region. Understanding how these areas compare with Charleston provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Charleston Tax Rate
0.63%
Average Polk County Tax Rate
0.63%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Charleston, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37310 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Charleston, Tennessee
In Charleston, 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 Polk 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 Charleston, 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 zip code 37310 has the highest and lowest median tax bill at $361. By being aware of these valuation processes, Charleston residents can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Charleston Assessed Value
$57,500
Average Polk County Assessed Value
$48,850
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Charleston, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37310 | $9,500 | $14,000 | $57,500 | $105,350 | $160,840 |
Source: Ownwell
Property Tax Bills Across Charleston, Tennessee
In Charleston, property tax bills are determined by assessing the value of a home and applying the local tax rate to this assessed value. The assessed value is typically a percentage of the property's market value, which in Charleston is influenced by various factors such as location, property size, and market conditions. Homeowners in Charleston, located in Polk County, experience a range of tax bills. For instance, the 25th percentile tax bill is $93, while the 75th percentile tax bill is $662, and the 90th percentile tax bill reaches $1,010. The median home price in Charleston is $57,500, which is relatively low compared to national figures. This lower home value contributes to a more manageable property tax burden for many residents. Homeowners should be aware of these factors as they directly impact their annual property tax obligations, influencing their overall financial planning and homeownership costs. The highest and lowest median tax bills in Charleston both stand at $361, reflecting a consistent tax rate across the area.
Average Charleston Tax Bill
$361
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Charleston, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37310 | $63 | $93 | $361 | $662 | $1,010 |
Source: Ownwell