Silver Point, Tennessee Property Taxes
The median property tax rate in Silver Point, TN is 0.62%, 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 Silver Point at $119,800, the typical annual property tax bill is $744, significantly below the national median of $2,690. Property taxes in Silver Point are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Silver Point'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 Silver Point 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
Silver Point, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$743
Ownwell’s Silver Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Point 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 Silver Point, Tennessee
Property taxes in Silver Point, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Point 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 Silver Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver Point 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 Silver Point's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38582 zip code has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Silver Point 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 Silver Point 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 Silver Point, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38582 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Silver Point, Tennessee
In Silver Point, 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. Assessment notices in Silver Point 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 Silver Point is $119,800, with tax bills ranging from $372 at the 25th percentile to $1,256 at the 75th percentile, and $1,867 at the 90th percentile. The highest and lowest median tax bills both occur in zip code 38582, with a value of $744. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Silver Point Assessed Value
$119,800
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 Silver Point, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38582 | $24,940 | $60,350 | $119,800 | $202,850 | $301,740 |
Source: Ownwell
Property Tax Bills Across Silver Point, Tennessee
In Silver Point, located in Putnam County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. The tax rate, also known as the millage rate, is then applied to this assessed value to determine the tax bill. For instance, with a median home price of $119,800, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Factors influencing the tax bill include the market value of the property, any exemptions for which the homeowner qualifies, and the specific tax rate set by the local authorities. In Silver Point, tax bills can range significantly, with the 25th percentile at $372 and the 90th percentile reaching up to $1,867. These property taxes impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, ensuring the community's overall functionality and development.
Average Silver Point Tax Bill
$744
Average Putnam County Tax Bill
$1,204
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver Point, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38582 | $154 | $372 | $744 | $1,256 | $1,867 |
Source: Ownwell