Ellenwood, Tennessee Property Taxes
The median property tax rate in Ellenwood, TN is 0.63%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Ellenwood being $12,200, the typical annual property tax bill is $77, significantly less than the national median of $2,690. Property taxes in Ellenwood are calculated based on the assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ellenwood'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 Ellenwood 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
Ellenwood, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$77
Ownwell’s Ellenwood Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Ellenwood with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Ellenwood to provide an accurate estimate of your property tax bill. This intuitive tool is designed to help you understand your potential tax liabilities clearly. For those interested in more detailed insights, you can explore trends at a neighborhood level by scrolling down for localized information. Your property’s assessed value is determined by the county and takes into account any applicable exemptions, ensuring a precise calculation for tax purposes.
Property Tax Rates Across Ellenwood, Tennessee
Property taxes in Ellenwood, Tennessee, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Ellenwood is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Ellenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ellenwood 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 Ellenwood's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 30294 has both the highest and lowest median property tax rate of 0.63%. Understanding how these areas compare with Ellenwood 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 Ellenwood 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 Ellenwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30294 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Ellenwood, Tennessee
In Ellenwood, 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 local 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 Ellenwood, 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 Ellenwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip codes with the highest and lowest tax bills both report a tax bill of $77, highlighting the uniformity in property tax assessments in the region.
Average Ellenwood Assessed Value
$12,200
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 Ellenwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30294 | $12,200 | $12,200 | $12,200 | $12,200 | $12,200 |
Source: Ownwell
Property Tax Bills Across Ellenwood, Tennessee
In Ellenwood, located in Polk County, TN, property tax bills are calculated based on the assessed value of the property. The assessed value is a percentage of the property's market value, and this percentage is determined by the county. For homeowners in Ellenwood, the median home price is $12,200. The property tax rate in this area is used to calculate the annual tax bill. The calculation involves multiplying the assessed value by the tax rate set by the county. For example, if a property has an assessed value of $12,200 and the tax rate is 0.99%, the resulting tax bill would be approximately $121. However, in Ellenwood, the tax bills are quite consistent, with the 25th, 75th, and 90th percentiles all showing a tax bill of $77. This consistency suggests a relatively stable property tax environment, which can be beneficial for homeowners planning their annual budgets. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances more effectively.
Average Ellenwood Tax Bill
$77
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Ellenwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30294 | $77 | $77 | $77 | $77 | $77 |
Source: Ownwell