Shelbyville, Tennessee Property Taxes
The median property tax rate in Shelbyville, TN is 0.47%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $375,800 in Shelbyville, the typical annual property tax bill amounts to $2,028, which is below the national median of $2,690. Property taxes in Shelbyville 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 Shelbyville'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 Shelbyville or another part of Rutherford County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Shelbyville, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$1,766
Ownwell’s Shelbyville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shelbyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shelbyville 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 Shelbyville, Tennessee
Property taxes in Shelbyville, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shelbyville is 0.47%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Shelbyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shelbyville 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 Shelbyville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37160 zip code has the highest median property tax rate of 0.47%, while the 37160 zip code also has the lowest median tax rate of 0.47%. Understanding how these cities compare with Shelbyville provides valuable insights into the varying tax landscape across Bedford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shelbyville Tax Rate
0.47%
Average Rutherford County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shelbyville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37160 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Shelbyville, Tennessee
In Shelbyville, 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 Rutherford 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. 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 Shelbyville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 37160, with a value of $2,028.
Average Shelbyville Assessed Value
$375,800
Average Rutherford County Assessed Value
$316,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shelbyville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37160 | $205,540 | $303,400 | $375,800 | $560,400 | $670,260 |
Source: Ownwell
Property Tax Bills Across Shelbyville, Tennessee
In Shelbyville, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Shelbyville is $375,800. Homeowners' tax bills are influenced by the local tax rate applied to the assessed value. For example, a home assessed at a lower value might have a tax bill in the 25th percentile, around $1,506, while a higher assessed property could see a bill in the 75th percentile, around $2,755. The highest median tax bill recorded in the area is $2,028, with the same figure also representing the lowest median tax bill, indicating a uniformity in tax assessments within the zip code 37160. These tax bills significantly impact homeowners by adding to their annual expenses, making it essential to understand how assessments and local tax rates influence overall costs. Compared to the national median property tax rate of 0.99%, Shelbyville's rates can vary, affecting how much homeowners ultimately pay each year.
Average Shelbyville Tax Bill
$2,028
Average Rutherford County Tax Bill
$1,892
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Shelbyville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37160 | $921 | $1,506 | $2,028 | $2,755 | $3,149 |
Source: Ownwell