Thomaston, Tennessee Property Taxes
The median property tax rate in Thomaston, 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 Thomaston at $23,400, the typical annual property tax bill is $147, significantly below the national median of $2,690. Property taxes in Thomaston are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Thomaston'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 Thomaston 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
Thomaston, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$147
$137
Ownwell’s Thomaston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thomaston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thomaston 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 Thomaston, Tennessee
Property taxes in Thomaston, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thomaston is 0.63%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Thomaston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thomaston 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 Thomaston's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 30286 zip code 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 cities compare with Thomaston 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 Thomaston 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 Thomaston, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30286 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Thomaston, Tennessee
In Thomaston, 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 local 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 Thomaston, 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 Thomaston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 30286, which amounts to $147, and the lowest median tax bill is also $147 in the same zip code.
Average Thomaston Assessed Value
$23,400
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 Thomaston, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30286 | $23,400 | $23,400 | $23,400 | $23,400 | $23,400 |
Source: Ownwell
Property Tax Bills Across Thomaston, Tennessee
In Thomaston, Polk County, TN, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the local tax assessor and is a percentage of the property's market value. For instance, if the median home price in Thomaston is $23,400, the assessed value would be a percentage of this amount. The property tax rate is then applied to the assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, condition, and any improvements made. Homeowners in Thomaston can expect their tax bills to be relatively low compared to the national median property tax rate of 0.99%. In fact, the median tax bill in Thomaston is $147, which is significantly below the national average. This lower tax burden can make homeownership more affordable, but it also means that local services funded by property taxes may have limited resources. Understanding how these factors interact can help homeowners better manage their financial planning and expectations.
Average Thomaston Tax Bill
$147
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Thomaston, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30286 | $147 | $147 | $147 | $147 | $147 |
Source: Ownwell