Brush Creek, Tennessee Property Taxes
The median property tax rate in Brush Creek, TN is 0.43%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Brush Creek, the typical annual property tax bill reaches $778, significantly below the national median of $2,690. Property taxes in Brush Creek are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Brush Creek'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 Brush Creek 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
Brush Creek, 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 Brush Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brush Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brush Creek 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 Brush Creek, Tennessee
Property taxes in Brush Creek, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brush Creek is 0.43%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Brush Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brush Creek 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 Brush Creek's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38547 zip code has the highest median property tax rate of 0.43%, while the 38547 zip code also has the lowest median tax rate of 0.43%. Understanding how these cities compare with Brush Creek provides valuable insights into the varying tax landscape across Smith County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brush Creek Tax Rate
0.43%
Average Smith County Tax Rate
0.43%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brush Creek, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38547 | 0.43% | 0.43% | 0.43% | 0.43% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Brush Creek, Tennessee
In Brush Creek, 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 Smith 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 Brush Creek, 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. For instance, the median home price in Brush Creek is $173,550, with tax bills ranging from $454 at the 25th percentile to $1,794 at the 90th percentile. The highest and lowest median tax bills both stand at $778 in the 38547 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Brush Creek Assessed Value
$173,550
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 Brush Creek, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38547 | $42,690 | $108,400 | $173,550 | $268,050 | $396,660 |
Source: Ownwell
Property Tax Bills Across Brush Creek, Tennessee
In Brush Creek, TN, located in Smith County, property tax bills are calculated based on the assessed value of a home. The county assesses properties at a percentage of their market value, and the tax rate is then applied to this assessed value. For instance, with a median home price of $173,550, homeowners can expect to pay varying amounts depending on their property's assessed value and the applicable tax rate. The tax bill can range significantly, with the 25th percentile at $454 and the 75th percentile reaching $1,250. For the top 10% of properties, tax bills can go up to $1,794. These figures illustrate how property taxes can impact homeowners differently based on their property's value. Brush Creek's median property tax bill stands at $778, which is relatively lower compared to the national median property tax rate of 0.99%. This lower tax rate can be a financial relief for homeowners in the area, making it an attractive place to own property.
Average Brush Creek Tax Bill
$778
Average Smith County Tax Bill
$769
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Brush Creek, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38547 | $186 | $454 | $778 | $1,250 | $1,794 |
Source: Ownwell