Reliance, Polk County, Tennessee Property Taxes
The median property tax rate in Reliance, 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 Reliance at $38,400, the typical annual property tax bill is around $241, significantly below the national median of $2,690. Property taxes in Reliance are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Reliance'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 Reliance 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
Reliance, Polk County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$242
$224
Ownwell’s Reliance Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reliance with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reliance 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 Reliance, Polk County, Tennessee
Property taxes in Reliance, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reliance is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Reliance set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reliance 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 Reliance's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37369 has both the highest and the lowest median property tax rate of 0.63%. Understanding how these areas compare with Reliance 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 Reliance 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 Reliance, Polk County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37369 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Reliance, Polk County, Tennessee
In Reliance, 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 Assessor 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 Reliance, 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 Reliance helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 37369 has the highest and lowest median tax bill at $241.
Property Tax Assessment Values Across Reliance, Polk County, Tennessee
Source: Ownwell
$7,200
$36,200
$65,200
Average Reliance Assessed Value
$38,400
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 Reliance, Polk County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37369 | $5,900 | $16,500 | $38,400 | $76,500 | $143,580 |
Source: Ownwell
Property Tax Bills Across Reliance, Polk County, Tennessee
In Reliance, Polk County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Reliance see a range of property tax bills, with the 25th percentile at $104 and the 75th percentile at $480, indicating a broad spectrum of tax obligations depending on property values. The highest median tax bill in the area is $241, occurring in the 37369 zip code. Several factors influence the tax bill, including the market value of the property and the local tax rate. For instance, a home valued at the median price of $38,400 will have its assessed value determined and then multiplied by the local tax rate to calculate the final tax bill. This process ensures that properties with higher market values contribute more in taxes, which can affect homeowners by increasing their annual expenses. Understanding these factors can help homeowners anticipate and manage their property tax responsibilities.
Average Reliance Tax Bill
$241
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Reliance, Polk County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37369 | $37 | $104 | $241 | $480 | $900 |
Source: Ownwell