Etowah, Tennessee Property Taxes
The median property tax rate in Etowah, TN is 0.63%, slightly below the Tennessee state median of 0.64% and significantly lower than the national median of 0.99%. With a median home value of $13,650 in Etowah, the typical annual property tax bill is just $86, far below the national median of $2,690. Property taxes in Etowah 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 Etowah’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 Etowah 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
Etowah, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$86
Ownwell’s Etowah Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Etowah with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Etowah to provide an estimate of your property tax bill. This valuable 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 Etowah, Tennessee
Property taxes in Etowah, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Etowah is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Etowah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Etowah 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 Etowah's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37331 zip code has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Etowah 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 Etowah 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 Etowah, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37331 | 0.62% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Etowah, Tennessee
In Etowah, 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 McMinn 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 Etowah, 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. The median home price in Etowah stands at $13,650, with tax bills ranging from $71 at the 25th percentile to $265 at the 90th percentile. Being aware of these valuation processes in Etowah helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Etowah Assessed Value
$13,650
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 Etowah, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37331 | $1,850 | $11,325 | $13,650 | $24,650 | $42,220 |
Source: Ownwell
Property Tax Bills Across Etowah, Tennessee
In Etowah, located in Polk County, TN, property tax bills are calculated based on the assessed value of a property, which is determined as a percentage of the market value. This assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners in Etowah, the property tax rate is relatively low compared to the national median property tax rate of 0.99%. For instance, with a median home price of $13,650, homeowners in the 25th percentile can expect a tax bill around $71, while those in the 75th percentile might pay approximately $154. At the 90th percentile, the tax bill can rise to about $265. This variation indicates that while the property tax burden in Etowah is generally modest, it can still differ significantly based on the specific characteristics of each property. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances accordingly.
Average Etowah Tax Bill
$86
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Etowah, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37331 | $12 | $71 | $86 | $154 | $265 |
Source: Ownwell