Buffalo Valley, Tennessee Property Taxes
The median property tax rate in Buffalo Valley, TN is 0.62%, 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 $124,000, the typical annual property tax bill in Buffalo Valley is around $769, significantly below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Buffalo Valley'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 Buffalo Valley or another part of Putnam County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buffalo Valley, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$769
Ownwell’s Buffalo Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buffalo Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buffalo Valley 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 Buffalo Valley, Tennessee
Property taxes in Buffalo Valley, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo Valley is 0.62%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Buffalo Valley set these rates annually, and they can vary across different neighborhoods. Each year, Buffalo Valley 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 Buffalo Valley's effective property tax rate to other regions and the national median. For comparison, the 38548 zip code has both the highest and lowest median property tax rate of 0.62%. Understanding how these rates compare with Buffalo Valley 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.
Average Buffalo Valley 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 Buffalo Valley, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38548 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo Valley, Tennessee
In Buffalo Valley, Tennessee, understanding the difference between "market value" and "assessed value" is essential 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 Buffalo Valley, 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. The median home price in Buffalo Valley is $124,000, with tax bills ranging from $392 at the 25th percentile to $1,250 at the 75th percentile, and up to $1,815 at the 90th percentile. Interestingly, the highest and lowest median tax bills are both $769, found in the 38548 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, identify opportunities for protesting assessments, and apply for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Buffalo Valley, Tennessee
Source: Ownwell
$97,450
$142,975
$188,500
Average Buffalo Valley Assessed Value
$124,000
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 Buffalo Valley, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38548 | $24,280 | $63,100 | $124,000 | $200,800 | $292,760 |
Source: Ownwell
Property Tax Bills Across Buffalo Valley, Tennessee
In Buffalo Valley, TN, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor's office. The assessed value is typically a percentage of the property's market value. Homeowners in Buffalo Valley can expect their property tax bills to vary significantly depending on their property's assessed value and the county's tax rate. The median home price in Buffalo Valley is $124,000. Property tax bills in this region range from $392 at the 25th percentile to $1,250 at the 75th percentile, with the 90th percentile reaching up to $1,815. This variation shows how different factors such as property size, location, and improvements can impact the final tax bill. For comparison, the national median property tax rate is 0.99%, highlighting that Buffalo Valley's property taxes can be relatively affordable for some homeowners. However, the highest median tax bill in the area is $769, which is consistent across the zip code 38548, suggesting a level of uniformity in tax assessments within that specific area. Understanding these factors can help homeowners in Buffalo Valley better anticipate their property tax obligations.
Average Buffalo Valley Tax Bill
$769
Average Putnam County Tax Bill
$1,204
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo Valley, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38548 | $158 | $392 | $769 | $1,250 | $1,815 |
Source: Ownwell