Chattanooga, Tennessee Property Taxes
The median property tax rate in Chattanooga, TN is 0.63%, which is notably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Chattanooga, the typical annual property tax bill amounts to $53, significantly less than the national median of $2,690. Property taxes in Chattanooga are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Chattanooga'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 Chattanooga 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
Chattanooga, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$53
Ownwell’s Chattanooga Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chattanooga with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chattanooga 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 Chattanooga, Tennessee
Property taxes in Chattanooga, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chattanooga is 0.63%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Chattanooga set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chattanooga 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 Chattanooga's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37421 zip code has the highest median property tax rate of 0.63%, while the 37421 zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Chattanooga 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 Chattanooga 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 Chattanooga, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37421 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Chattanooga, Tennessee
In Chattanooga, 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 Hamilton County Assessor of Property 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 Chattanooga, 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 Chattanooga helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chattanooga Assessed Value
$8,400
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 Chattanooga, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37421 | $8,400 | $8,400 | $8,400 | $8,400 | $8,400 |
Source: Ownwell
Property Tax Bills Across Chattanooga, Tennessee
In Chattanooga, located in Polk County, TN, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and is a percentage of the property's market value. For homeowners in Chattanooga, the property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the property. In Chattanooga, the median home price is $8,400, and the property tax bills hover around $53, regardless of the percentile. This is significantly lower than the national median property tax rate of 0.99%, making it relatively affordable for homeowners. This low property tax rate can make homeownership more accessible and less financially burdensome, contributing to a more stable and attractive housing market. However, it's crucial for homeowners to stay informed about any changes in tax rates or property assessments to manage their financial planning effectively.
Average Chattanooga Tax Bill
$53
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Chattanooga, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37421 | $53 | $53 | $53 | $53 | $53 |
Source: Ownwell