Old Fort, Polk County, Tennessee Property Taxes
The median property tax rate in Old Fort, TN is 0.63%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $53,200 in Old Fort, the typical annual property tax bill amounts to $347, significantly less than the national median of $2,690. Property taxes in Old Fort are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Old Fort'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 Old Fort 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
Old Fort, Polk County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$335
$311
Ownwell’s Old Fort Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Old Fort with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Old Fort 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 Old Fort, Polk County, Tennessee
Property taxes in Old Fort, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Old Fort is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Old Fort set these rates annually, and they can vary significantly across different neighborhoods. Each year, Old Fort 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 Old Fort's effective property tax rate to other areas in Tennessee and the national median. For comparison, 37362 has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Old Fort 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 Old Fort 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 Old Fort, Polk County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37362 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Old Fort, Polk County, Tennessee
In Old Fort, 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 Old Fort, 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 Old Fort is $53,200, with tax bills ranging from $184 at the 25th percentile to $896 at the 90th percentile. The highest and lowest median tax bills are both $347 in the 37362 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Old Fort, Polk County, Tennessee
Source: Ownwell
$7,200
$36,200
$65,200
Average Old Fort Assessed Value
$53,200
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 Old Fort, Polk County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37362 | $13,230 | $28,025 | $53,200 | $92,375 | $139,220 |
Source: Ownwell
Property Tax Bills Across Old Fort, Polk County, Tennessee
In Old Fort, 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 instance, with a median home price of $53,200, homeowners can expect their tax bills to vary significantly. Factors such as location, property size, and any improvements can influence the assessed value. Homeowners in Old Fort typically see tax bills ranging from the 25th percentile at $184 to the 75th percentile at $593, with the 90th percentile reaching up to $896. The median tax bill in the area is $347, which provides a benchmark for comparison. This is notably lower than the national median property tax rate of 0.99%, making it relatively affordable for residents. These property taxes fund essential community services such as schools, public safety, and infrastructure. Understanding how these factors influence their tax bill can help homeowners in Old Fort plan and budget more effectively.
Average Old Fort Tax Bill
$347
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Old Fort, Polk County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37362 | $88 | $184 | $347 | $593 | $896 |
Source: Ownwell