Morganton, Tennessee Property Taxes
The median property tax rate in Morganton, 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 Morganton at $66,000, the typical annual property tax bill amounts to $414, significantly below the national median of $2,690. Property taxes in Morganton 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 Morganton'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 Morganton 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
Morganton, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$416
$386
Ownwell’s Morganton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morganton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morganton 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 Morganton, Tennessee
Property taxes in Morganton, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morganton is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Morganton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morganton 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 Morganton's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 30560 has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Morganton 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 Morganton 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 Morganton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30560 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Morganton, Tennessee
In Morganton, 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 Morganton, 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 Morganton 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 both stand at $414, specifically in the 30560 zip code.
Average Morganton Assessed Value
$66,000
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 Morganton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30560 | $23,440 | $39,400 | $66,000 | $92,600 | $108,560 |
Source: Ownwell
Property Tax Bills Across Morganton, Tennessee
In Morganton, TN, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is a percentage of the market value of the property. Once the assessed value is established, the property tax rate, known as the millage rate, is applied. The tax rate in Morganton is influenced by the budgetary needs of the county and local government services. Homeowners in Morganton see a range of property tax bills. For example, the 25th percentile tax bill is $247, while the 75th percentile tax bill reaches $582, and the 90th percentile tax bill is $682. These figures illustrate the variability in tax obligations depending on property values and applicable exemptions. Compared to the national median property tax rate of 0.99%, Morganton's property tax rates can significantly impact homeowners, affecting their overall cost of living and potentially influencing their financial planning and decisions regarding homeownership.
Average Morganton Tax Bill
$414
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Morganton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30560 | $147 | $247 | $414 | $582 | $682 |
Source: Ownwell