Fort Wayne, Tennessee Property Taxes
The median property tax rate in Fort Wayne, 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 Fort Wayne, the typical annual property tax bill is $139, significantly below the national median of $2,690. Property taxes in Fort Wayne are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fort Wayne'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 Fort Wayne 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
Fort Wayne, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Fort Wayne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fort Wayne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fort Wayne 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 Fort Wayne, Tennessee
Property taxes in Fort Wayne, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Wayne is 0.63%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Fort Wayne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Wayne 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 Fort Wayne's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 46845 zip code has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Fort Wayne 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 Fort Wayne 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 Fort Wayne, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46845 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Fort Wayne, Tennessee
In Fort Wayne, 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. Assessment notices in Fort Wayne 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 Fort Wayne 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 $139, found in the 46845 zip code.
Average Fort Wayne Assessed Value
$22,100
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 Fort Wayne, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46845 | $22,100 | $22,100 | $22,100 | $22,100 | $22,100 |
Source: Ownwell
Property Tax Bills Across Fort Wayne, Tennessee
In Fort Wayne, property tax bills are calculated based on the assessed value of a property. The local assessor determines this value, which is typically a percentage of the property's market value. For homeowners, factors such as the median home price, currently at $22,100, play a significant role in determining the tax bill. Additionally, local tax rates and any applicable exemptions are considered. In Fort Wayne, the median property tax bill is remarkably consistent, with the 25th, 75th, and 90th percentiles all at $139. This uniformity indicates a stable tax environment for homeowners. Compared to the national median property tax rate of 0.99%, Fort Wayne's property taxes are relatively low, providing some financial relief to property owners. The highest and lowest median tax bills in the area are both $139, reflecting a balanced approach to property taxation. This stability in tax bills helps homeowners plan their finances more effectively.
Average Fort Wayne Tax Bill
$139
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Wayne, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46845 | $139 | $139 | $139 | $139 | $139 |
Source: Ownwell