Key Largo, Tennessee Property Taxes
The median property tax rate in Key Largo, TN is 0.63%, slightly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Key Largo at $31,500, the typical annual property tax bill is $198, considerably below the national median of $2,690. Property taxes in Key Largo 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 Key Largo'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 Key Largo or another part of Polk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Key Largo, 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 Key Largo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Key Largo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Key Largo 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 Key Largo, Tennessee
Property taxes in Key Largo, Tennessee, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Key Largo is 0.63%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Key Largo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Key Largo 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 Key Largo's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 33037 has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Key Largo 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 Key Largo 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 Key Largo, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33037 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Key Largo, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Key Largo, Tennessee. 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 Key Largo, 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 Key Largo is $31,500, with the highest and lowest median tax bills both being $198 in the 33037 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Key Largo Assessed Value
$31,500
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 Key Largo, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33037 | $31,500 | $31,500 | $31,500 | $31,500 | $31,500 |
Source: Ownwell
Property Tax Bills Across Key Largo, Tennessee
In Key Largo, Polk County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. For example, if the median home price is $31,500, the assessed value will be a fraction of this amount as determined by local assessment rules. Once the assessed value is established, the tax rate is applied to calculate the tax bill. In Key Largo, the median tax bill is notably uniform, with the 25th, 75th, and 90th percentiles all being $198. This consistency indicates a relatively stable property tax environment for homeowners. Compared to the national median property tax rate of 0.99%, Key Largo's tax rate appears to be quite reasonable, providing homeowners with predictable annual expenses. Understanding these factors helps homeowners budget effectively and anticipate their financial obligations related to property taxes.
Average Key Largo Tax Bill
$198
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Key Largo, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33037 | $198 | $198 | $198 | $198 | $198 |
Source: Ownwell