Farner, Polk County, Tennessee Property Taxes
The median property tax rate in Farner, TN is 0.63%, slightly lower than the state median of 0.64% and well below the national median of 0.99%. With a median home value of $30,800 in Farner, the typical annual property tax bill is $192, significantly less than the national median of $2,690. Property taxes in Farner are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Farner's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Farner or another part of Polk County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farner, Polk County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$194
$180
Ownwell’s Farner Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farner with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farner 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 Farner, Polk County, Tennessee
Property taxes in Farner, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farner is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Farner set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farner 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 Farner's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37333 has both the highest and the lowest median property tax rate of 0.63%. Understanding how these cities compare with Farner 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 Farner 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 Farner, Polk County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37333 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Farner, Polk County, Tennessee
In Farner, 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 Farner, 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 Farner helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $192, found in zip code 37333.
Property Tax Assessment Values Across Farner, Polk County, Tennessee
Source: Ownwell
$7,200
$36,200
$65,200
Average Farner Assessed Value
$30,800
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 Farner, Polk County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37333 | $7,900 | $13,900 | $30,800 | $64,000 | $112,780 |
Source: Ownwell
Property Tax Bills Across Farner, Polk County, Tennessee
In Farner, Polk County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. For example, with a median home price of $30,800, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $88, while the 75th percentile tax bill reaches $405, and the 90th percentile can go up to $713. Several factors influence the final tax bill, including property location, home improvements, and changes in market conditions. Homeowners in Farner should be aware that even slight increases in the assessed value or tax rate can impact their annual expenses. Compared to the national median property tax rate of 0.99%, Farner offers relatively affordable property taxes, making it a cost-effective place for homeowners. However, understanding the local tax structure is crucial for budgeting and financial planning.
Average Farner Tax Bill
$192
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Farner, Polk County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37333 | $49 | $88 | $192 | $405 | $713 |
Source: Ownwell