Buffalo Valley, Smith County, Tennessee Property Taxes
The median property tax rate in Buffalo Valley, TN is 0.43%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $115,000 in Buffalo Valley, the typical annual property tax bill is $498, well below the national median of $2,690. Property taxes in Buffalo Valley are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Buffalo Valley'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 Buffalo Valley or another part of Smith County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buffalo Valley, Smith County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$495
$459
Ownwell’s Buffalo Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buffalo Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buffalo Valley 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 Buffalo Valley, Smith County, Tennessee
Property taxes in Buffalo Valley, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo Valley is 0.43%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Buffalo Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buffalo Valley 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 Buffalo Valley's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38548 has both the highest and lowest median property tax rate of 0.43%. Understanding how these areas compare with Buffalo Valley 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 Buffalo Valley 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 Buffalo Valley, Smith County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38548 | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo Valley, Smith County, Tennessee
In Buffalo Valley, 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 Buffalo Valley, 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 Buffalo Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $115,000, with zip code 38548 showing the highest median tax bill at $498.
Property Tax Assessment Values Across Buffalo Valley, Smith County, Tennessee
Source: Ownwell
$115,000
$149,650
$184,300
Average Buffalo Valley Assessed Value
$115,000
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 Buffalo Valley, Smith County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38548 | $36,500 | $49,550 | $115,000 | $180,900 | $273,800 |
Source: Ownwell
Property Tax Bills Across Buffalo Valley, Smith County, Tennessee
In Buffalo Valley, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. For homeowners, understanding this process is crucial as it directly impacts their annual tax obligations. Factors such as property location, size, and any improvements can influence the assessed value. Once the assessed value is established, the tax rate, set by Smith County, is applied to calculate the tax bill. In Buffalo Valley, the median home price is $115,000. Homeowners can expect tax bills to vary widely; the 25th percentile tax bill is $214, while the 75th percentile reaches $784. At the 90th percentile, the tax bill can be as high as $1,186. These figures illustrate the range of property tax burdens that homeowners might face, depending on their property's assessed value and the county's tax rate.
Average Buffalo Valley Tax Bill
$498
Average Smith County Tax Bill
$769
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo Valley, Smith County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38548 | $158 | $214 | $498 | $784 | $1,186 |
Source: Ownwell