Sweetwater, Tennessee Property Taxes
The median property tax rate in Sweetwater, TN is 0.60%, lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Sweetwater at $135,250, the typical annual property tax bill is $812, which is well below the national median of $2,690. Property taxes in Sweetwater 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 Sweetwater'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 Sweetwater 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
Sweetwater, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Sweetwater Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sweetwater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sweetwater 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 Sweetwater, Tennessee
Property taxes in Sweetwater, Tennessee, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Sweetwater is 0.60%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Sweetwater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sweetwater 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 Sweetwater's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37874 zip code has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Sweetwater provides valuable insights into the varying tax landscape across Roane County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sweetwater Tax Rate
0.60%
Average Roane County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sweetwater, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37874 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Sweetwater, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Sweetwater, 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 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 Sweetwater, 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 Sweetwater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Sweetwater is $812 in the 37874 zip code, which is also the lowest median tax bill.
Average Sweetwater Assessed Value
$135,250
Average Roane County Assessed Value
$132,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sweetwater, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37874 | $44,170 | $68,350 | $135,250 | $182,900 | $214,280 |
Source: Ownwell
Property Tax Bills Across Sweetwater, Tennessee
In Sweetwater, located in Roane County, TN, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is a percentage of the property's market value. For instance, if the median home price in Sweetwater is $135,250, the assessed value would be a fraction of this amount. The tax rate is then applied to the assessed value to determine the tax bill. Several factors influence the final tax bill, including property size, location, and any exemptions for which the homeowner may qualify. In Sweetwater, the 25th percentile tax bill is $410, while the 75th percentile tax bill is $1,098, and the 90th percentile tax bill is $1,285. These figures show a range of what homeowners might expect to pay, depending on their property's assessed value and applicable exemptions. Compared to the national median property tax rate of 0.99%, Sweetwater's tax bills offer a glimpse into the local tax landscape, helping homeowners budget accordingly.
Average Sweetwater Tax Bill
$812
Average Roane County Tax Bill
$896
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Sweetwater, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37874 | $265 | $410 | $812 | $1,098 | $1,285 |
Source: Ownwell