Sanford, Tennessee Property Taxes
The median property tax rate in Sanford, 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 $10,200 in Sanford, the typical annual property tax bill amounts to $64, significantly below the national median of $2,690. Property taxes in Sanford are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Sanford's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Sanford or another part of Polk County, gaining a clear understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sanford, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$64
Ownwell’s Sanford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sanford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sanford 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 Sanford, Tennessee
Property taxes in Sanford, Tennessee, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Sanford is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Sanford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sanford 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 Sanford's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 32773 has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Sanford 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 Sanford 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 Sanford, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32773 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Sanford, Tennessee
In Sanford, 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 Sanford, 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. For instance, the median home price in Sanford is $10,200, with tax bills ranging from $64 at the 25th percentile to $64 at the 90th percentile. By understanding 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 Sanford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sanford Assessed Value
$10,200
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 Sanford, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32773 | $10,200 | $10,200 | $10,200 | $10,200 | $10,200 |
Source: Ownwell
Property Tax Bills Across Sanford, Tennessee
In Sanford, located in Polk County, TN, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. For instance, if the median home price is $10,200, the assessed value would be a fraction of this amount. The tax rate is then applied to this assessed value to calculate the tax bill. In Polk County, the tax bills for the 25th, 75th, and 90th percentiles all stand at $64, which indicates a relatively uniform tax burden among homeowners. This uniformity can be beneficial for homeowners, as it provides predictability in their annual expenses. Compared to the national median property tax rate of 0.99%, the property tax rate in Sanford appears to be quite low. This lower tax rate can make homeownership more affordable, potentially attracting new residents and fostering community growth.
Average Sanford Tax Bill
$64
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Sanford, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32773 | $64 | $64 | $64 | $64 | $64 |
Source: Ownwell