Smith County, Tennessee Property Taxes
The median property tax rate in Smith County is 0.43%, which is significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Smith County at $164,300, the typical annual property tax bill is $769, far below the national median of $2,690. Property taxes in Smith County are calculated based on the tax assessed value, which typically falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Smith County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Carthage or another part of Smith County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smith County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$706
$656
Ownwell’s Smith County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Smith County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Smith County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Smith County, Tennessee
Property taxes in Smith County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Smith County is 0.43%, which is lower than the U.S. national median of 0.99%. Local government entities within Smith County set these rates annually, and they can vary significantly between different areas within the county. Each year, Smith County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Smith County's effective property tax rate with other counties and the national median. For comparison, the city of Gainesboro has one of the higher property tax rates in Tennessee at 0.43%, while the city of Buffalo Valley boasts one of the lowest at 0.43%. Analyzing how Smith County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Smith County Tax Rate
0.43%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smith County, Tennessee
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Alexandria | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
| Brush Creek | 0.43% | 0.43% | 0.43% | 0.43% | 0.61% |
| Buffalo Valley | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
| Carthage | 0.43% | 0.43% | 0.43% | 0.64% | 0.64% |
| Chestnut Mound | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
| Dixon Springs | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
| Elmwood | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
| Gainesboro | N/A | N/A | N/A | N/A | N/A |
| Gordonsville | 0.43% | 0.43% | 0.43% | 0.58% | 0.58% |
| Hickman | 0.43% | 0.43% | 0.43% | 0.43% | 0.58% |
| Lancaster | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
| Lebanon | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
| Pleasant Shade | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
| Riddleton | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
| Watertown | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
Source: Ownwell
Property Tax Assessment Values Across Smith County, Tennessee
In Smith County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Smith County Appraisal District. The assessed value, however, 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 Smith County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Notably, Gordonsville has the highest median tax bill at $928, while Gainesboro has the lowest at $162. Being aware of these valuation processes in Smith County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Smith County, Tennessee
Source: Ownwell
$115,000
$149,650
$184,300
Average Smith County Assessed Value
$164,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smith County, Tennessee
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Alexandria | $34,080 | $65,500 | $161,700 | $220,900 | $311,960 |
| Brush Creek | $42,690 | $108,400 | $173,550 | $268,050 | $396,660 |
| Buffalo Valley | $36,500 | $49,550 | $115,000 | $180,900 | $273,800 |
| Carthage | $49,530 | $105,300 | $172,850 | $251,425 | $352,380 |
| Chestnut Mound | $28,260 | $52,800 | $122,700 | $204,000 | $251,300 |
| Dixon Springs | $27,190 | $63,500 | $150,500 | $218,725 | $278,240 |
| Elmwood | $32,760 | $68,300 | $146,000 | $224,400 | $312,200 |
| Gainesboro | N/A | N/A | N/A | N/A | N/A |
| Gordonsville | $45,340 | $126,050 | $184,100 | $252,350 | $345,040 |
| Hickman | $34,000 | $102,100 | $160,000 | $231,700 | $317,640 |
| Lancaster | $22,860 | $70,100 | $131,000 | $199,300 | $265,540 |
| Lebanon | $44,140 | $102,950 | $169,950 | $238,300 | $344,220 |
| Pleasant Shade | $28,740 | $59,275 | $139,250 | $209,800 | $278,350 |
| Riddleton | $43,600 | $90,950 | $169,000 | $262,250 | $341,700 |
| Watertown | $41,460 | $79,950 | $142,650 | $216,875 | $308,490 |
Source: Ownwell
Property Tax Bills Across Smith County, Tennessee
In Smith County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property location, market trends, and home improvements can influence the assessed value. Homeowners in Smith County experience varying tax bills. For instance, the 25th percentile tax bill is around $426, while the 75th percentile reaches approximately $1,159. Those in the 90th percentile can see tax bills as high as $1,617. The city of Gordonsville has the highest median tax bill at $928, whereas Gainesboro has the lowest at $162. These property taxes fund essential public services like schools, infrastructure, and emergency services. For homeowners, understanding how their tax bill is calculated and the factors influencing it can help them anticipate annual costs and plan their finances accordingly.
Average Smith County Tax Bill
$769
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Smith County, Tennessee
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Alexandria | $148 | $284 | $701 | $957 | $1,352 |
| Brush Creek | $186 | $454 | $778 | $1,250 | $1,794 |
| Buffalo Valley | $158 | $214 | $498 | $784 | $1,186 |
| Carthage | $223 | $538 | $886 | $1,298 | $1,725 |
| Chestnut Mound | $122 | $224 | $499 | $839 | $1,084 |
| Dixon Springs | $118 | $262 | $630 | $947 | $1,206 |
| Elmwood | $142 | $293 | $627 | $958 | $1,353 |
| Gainesboro | N/A | N/A | N/A | N/A | N/A |
| Gordonsville | $216 | $563 | $928 | $1,318 | $1,757 |
| Hickman | $156 | $452 | $713 | $1,061 | $1,435 |
| Lancaster | $99 | $304 | $568 | $864 | $1,151 |
| Lebanon | $192 | $431 | $730 | $1,031 | $1,492 |
| Pleasant Shade | $123 | $256 | $597 | $905 | $1,198 |
| Riddleton | $182 | $394 | $732 | $1,136 | $1,481 |
| Watertown | $179 | $346 | $616 | $936 | $1,337 |
Source: Ownwell