Soddy Daisy, Tennessee Property Taxes
The median property tax rate in Soddy Daisy, 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 Soddy Daisy at $32,200, the typical annual property tax bill reaches $202, significantly below the national median of $2,690. Property taxes in Soddy Daisy are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Soddy Daisy'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 Soddy Daisy 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
Soddy Daisy, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$203
$188
Ownwell’s Soddy Daisy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Soddy Daisy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Soddy Daisy 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 Soddy Daisy, Tennessee
Property taxes in Soddy Daisy, Tennessee, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Soddy Daisy is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Soddy Daisy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Soddy Daisy 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 Soddy Daisy's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37379 has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these areas compare with Soddy Daisy 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 Soddy Daisy 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 Soddy Daisy, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37379 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Soddy Daisy, Tennessee
In Soddy Daisy, 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 Soddy Daisy, 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 Soddy Daisy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in zip code 37379 are both $202.
Average Soddy Daisy Assessed Value
$32,200
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 Soddy Daisy, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37379 | $32,200 | $32,200 | $32,200 | $32,200 | $32,200 |
Source: Ownwell
Property Tax Bills Across Soddy Daisy, Tennessee
In Soddy Daisy, located in Polk County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office and is a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local property tax rate to determine the tax bill. For homeowners in Soddy Daisy, the median home price is $32,200, and the tax rate is relatively low compared to the national median property tax rate of 0.99%. The tax bill for properties in the 25th, 75th, and 90th percentiles is consistently $202, making it one of the more affordable areas in terms of property taxes. This uniformity in tax bills suggests a stable and predictable tax environment, which can be beneficial for homeowners budgeting their annual expenses. Lower property taxes can also make homeownership more accessible and attractive to potential buyers, contributing to the overall appeal of the area.
Average Soddy Daisy Tax Bill
$202
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Soddy Daisy, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37379 | $202 | $202 | $202 | $202 | $202 |
Source: Ownwell