Elgin, Tennessee Property Taxes
The median property tax rate in Elgin, 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 $63,250 in Elgin, the typical annual property tax bill amounts to $390, significantly less than the national median of $2,690. Property taxes in Elgin are 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. Gaining a thorough understanding of Elgin'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 Elgin or another part of Scott County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elgin, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$392
Ownwell’s Elgin Property Tax Bill Calculator simplifies the process for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Elgin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elgin to provide an estimated 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 Scott County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Elgin, Tennessee
Property taxes in Elgin, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elgin is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Elgin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elgin 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 Elgin's effective property tax rate to other areas in Scott County and the national median. For comparison, the zip code 37732 has both the highest and lowest median property tax rate of 0.62%. Understanding how these areas compare with Elgin provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elgin Tax Rate
0.62%
Average Scott County Tax Rate
0.62%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elgin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37732 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Elgin, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Elgin, 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 Scott 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 Elgin, 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 Elgin 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 in Elgin is 37732, with a median tax bill of $390.
Average Elgin Assessed Value
$63,250
Average Scott County Assessed Value
$69,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elgin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37732 | $60,170 | $61,325 | $63,250 | $65,175 | $66,330 |
Source: Ownwell
Property Tax Bills Across Elgin, Tennessee
In Elgin, located in Scott County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in this area is $63,250. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, any applicable exemptions, and local government tax rates. For homeowners in Elgin, the tax bill can vary within specific percentiles. The 25th percentile tax bill is around $378, while the 75th percentile is approximately $401. At the 90th percentile, homeowners might expect a tax bill close to $409. Comparatively, the highest and lowest median tax bills in the area are both $390, indicating a relatively stable tax rate across different properties. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners need to budget for these taxes to maintain financial stability and ensure continued support for local services.
Average Elgin Tax Bill
$390
Average Scott County Tax Bill
$471
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Elgin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37732 | $371 | $378 | $390 | $401 | $409 |
Source: Ownwell