Turtletown, Tennessee Property Taxes
The median property tax rate in Turtletown, 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 $46,000 in Turtletown, the typical annual property tax bill amounts to $289, significantly below the national median of $2,690. Property taxes in Turtletown are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Turtletown'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 Turtletown 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
Turtletown, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$290
Ownwell’s Turtletown Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Turtletown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Turtletown to provide an estimate of your property tax bill. This valuable 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 Polk County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Turtletown, Tennessee
Property taxes in Turtletown, Tennessee, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Turtletown is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Turtletown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Turtletown 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 Turtletown's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37391 has the highest median property tax rate of 0.63%, while it also has the lowest median tax rate of 0.63%. Understanding how these figures compare with Turtletown 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 Turtletown 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 Turtletown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37391 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Turtletown, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Turtletown, Tennessee. 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 Turtletown, 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 Turtletown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Turtletown is $46,000, with tax bills ranging from $152 at the 25th percentile to $1,116 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 37391, with a median tax bill of $289.
Average Turtletown Assessed Value
$46,000
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 Turtletown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37391 | $13,700 | $24,200 | $46,000 | $100,900 | $177,400 |
Source: Ownwell
Property Tax Bills Across Turtletown, Tennessee
In Turtletown, Polk County, TN, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $46,000, homeowners can expect their tax bills to vary significantly depending on their property's assessed value and the applicable tax rate. Factors such as property improvements, neighborhood developments, and changes in the local real estate market can influence a home's assessed value. In Turtletown, the 25th percentile tax bill is around $152, while the 75th percentile tax bill reaches approximately $631. At the 90th percentile, it can go up to $1,116. The highest and lowest median tax bills in the area are both $289, making Turtletown's property taxes relatively moderate compared to the national median property tax rate of 0.99%. This variability in tax bills can significantly impact homeowners, affecting their annual financial planning and long-term investment in their property.
Average Turtletown Tax Bill
$289
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Turtletown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37391 | $87 | $152 | $289 | $631 | $1,116 |
Source: Ownwell