New Market, Tennessee Property Taxes
The median property tax rate in New Market, TN is 0.37%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $118,700 in New Market, the typical annual property tax bill is about $336, which is well below the national median of $2,690. Property taxes in New Market are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding New Market'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 New Market or another part of Sevier County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Market, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$439
$408
Ownwell’s New Market Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Market with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Market 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 New Market, Tennessee
Property taxes in New Market, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Market is 0.37%, which is significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within New Market set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Market 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. Understanding how New Market's effective property tax rate compares to other counties in Tennessee and the national median provides valuable insights into the varying tax landscape across Sevier County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Market Tax Rate
0.37%
Average Sevier County Tax Rate
0.37%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Market, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37820 | 0.20% | 0.37% | 0.37% | 0.37% | 0.37% |
Source: Ownwell
Property Tax Assessment Values Across New Market, Tennessee
In New Market, 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 Sevier 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 New Market, 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 New Market helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area both stand at $336, specifically in the 37820 zip code.
Average New Market Assessed Value
$118,700
Average Sevier County Assessed Value
$196,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Market, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37820 | $73,220 | $83,600 | $118,700 | $202,700 | $241,180 |
Source: Ownwell
Property Tax Bills Across New Market, Tennessee
Property tax bills in New Market, Sevier County, TN, are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in New Market is $118,700. Property taxes are determined by applying the local tax rate to the assessed value of the home. For instance, in New Market, the tax bills can vary significantly; the 25th percentile tax bill is around $296, while the 75th percentile reaches approximately $534. At the higher end, the 90th percentile tax bill is $806. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in New Market benefit from relatively lower property tax rates compared to the national median property tax rate of 0.99%. This makes homeownership more affordable and can be a significant factor for those considering buying property in the area. Understanding these elements can help homeowners better anticipate their annual property tax expenses.
Average New Market Tax Bill
$336
Average Sevier County Tax Bill
$766
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across New Market, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37820 | $130 | $296 | $336 | $534 | $806 |
Source: Ownwell