Bloomington Springs, Putnam County, Tennessee Property Taxes
The median property tax rate in Bloomington Springs, TN is 0.62%, which is lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With the median home value in Bloomington Springs at $118,250, the typical annual property tax bill amounts to $731, significantly less than the national median of $2,690. Property taxes in Bloomington Springs 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 Bloomington Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Bloomington Springs or another part of Putnam County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bloomington Springs, Putnam County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$733
$680
Ownwell’s Bloomington Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomington Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomington Springs 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 Bloomington Springs, Putnam County, Tennessee
Property taxes in Bloomington Springs, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomington Springs is 0.62%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Bloomington Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomington Springs 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 Bloomington Springs' effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38545 zip code has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Bloomington Springs provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Property Tax Rates Across Bloomington Springs, Putnam County, Tennessee
Source: Ownwell
0.62%
0.72%
0.82%
Average Bloomington Springs Tax Rate
0.62%
Average Putnam County Tax Rate
0.62%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomington Springs, Putnam County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38545 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Bloomington Springs, Putnam County, Tennessee
In Bloomington Springs, 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 Putnam 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 Bloomington Springs, 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 Bloomington Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in this area are both $731, found in the zip code 38545.
Property Tax Assessment Values Across Bloomington Springs, Putnam County, Tennessee
Source: Ownwell
$97,450
$142,975
$188,500
Average Bloomington Springs Assessed Value
$118,250
Average Putnam County Assessed Value
$168,050
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomington Springs, Putnam County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38545 | $31,460 | $68,175 | $118,250 | $177,650 | $294,990 |
Source: Ownwell
Property Tax Bills Across Bloomington Springs, Putnam County, Tennessee
In Bloomington Springs, located in Putnam County, TN, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. Homeowners in this area can expect varying tax bills depending on their property's assessed value and the local tax rate. For instance, the median home price in Bloomington Springs is $118,250, which influences the overall tax bill. Several factors contribute to the final tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. For homeowners in Bloomington Springs, property tax bills can range significantly. The 25th percentile tax bill is around $426, while the 75th percentile reaches approximately $1,113. At the higher end, the 90th percentile tax bill can be as much as $1,812. These property tax bills impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making them a crucial aspect of homeownership in Bloomington Springs.
Property Tax Bills Across Bloomington Springs, Putnam County, Tennessee
Source: Ownwell
$602
$950
$1,298
Average Bloomington Springs Tax Bill
$731
Average Putnam County Tax Bill
$1,204
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomington Springs, Putnam County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38545 | $192 | $426 | $731 | $1,113 | $1,812 |
Source: Ownwell