Chestnut Mound, Tennessee Property Taxes
The median property tax rate in Chestnut Mound, TN is 0.43%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Chestnut Mound at $122,700, the typical annual property tax bill is $499, substantially below the national median of $2,690. Property taxes in Chestnut Mound are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Chestnut Mound'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 Chestnut Mound 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
Chestnut Mound, 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 Chestnut Mound Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chestnut Mound with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chestnut Mound 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 Chestnut Mound, Tennessee
Property taxes in Chestnut Mound, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chestnut Mound is 0.43%, significantly lower than the U.S. national median of 0.99%. Local government entities within Chestnut Mound set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chestnut Mound 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 Chestnut Mound's effective property tax rate to other regions and the national median. For comparison, the zip code 38552 has both the highest and lowest median property tax rate of 0.43%. Understanding how these areas compare with Chestnut Mound 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 Chestnut Mound 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 Chestnut Mound, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38552 | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
Source: Ownwell
Property Tax Assessment Values Across Chestnut Mound, Tennessee
In Chestnut Mound, 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 Chestnut Mound, 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 Chestnut Mound helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Chestnut Mound is $122,700, with the highest and lowest median tax bills both recorded at $499 in the 38552 zip code.
Property Tax Assessment Values Across Chestnut Mound, Tennessee
Source: Ownwell
$37,300
$110,800
$184,300
Average Chestnut Mound Assessed Value
$122,700
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 Chestnut Mound, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38552 | $28,260 | $52,800 | $122,700 | $204,000 | $251,300 |
Source: Ownwell
Property Tax Bills Across Chestnut Mound, Tennessee
In Chestnut Mound, located 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 median home price in Chestnut Mound is $122,700. Property taxes are determined by applying the local tax rate to the assessed value, which is influenced by several factors including property size, location, and any improvements made to the property. Homeowners in Chestnut Mound can expect varying tax bills; the 25th percentile tax bill is $224, while the 75th percentile tax bill is $839, and the 90th percentile tax bill reaches $1,084. These figures show a range of tax burdens depending on individual property assessments. Compared to the national median property tax rate of 0.99%, Chestnut Mound's tax bills reflect a relatively moderate property tax environment. This system ensures that property taxes are proportionate to the value of the property, impacting homeowners differently based on their property's assessed value.
Average Chestnut Mound Tax Bill
$499
Average Smith County Tax Bill
$769
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Chestnut Mound, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38552 | $122 | $224 | $499 | $839 | $1,084 |
Source: Ownwell