Elmwood, Tennessee Property Taxes
The median property tax rate in Elmwood, 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 Elmwood at $146,000, the typical annual property tax bill is $627, well below the national median of $2,690. Property taxes in Elmwood are calculated based on the assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Elmwood'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 Elmwood 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
Elmwood, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$628
$583
Ownwell’s Elmwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elmwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elmwood 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 Elmwood, Tennessee
Property taxes in Elmwood, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elmwood is 0.43%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Elmwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elmwood 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 Elmwood's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38560 zip code has both the highest and lowest median property tax rate of 0.43%. Understanding how these cities compare with Elmwood 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 Elmwood 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 Elmwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38560 | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
Source: Ownwell
Property Tax Assessment Values Across Elmwood, Tennessee
In Elmwood, 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 Elmwood, 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 Elmwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Elmwood is $627 in the 38560 zip code, while the lowest median tax bill is also $627 in the same zip code.
Average Elmwood Assessed Value
$146,000
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 Elmwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38560 | $32,760 | $68,300 | $146,000 | $224,400 | $312,200 |
Source: Ownwell
Property Tax Bills Across Elmwood, Tennessee
In Elmwood, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax authorities and represents a percentage of the market value of the property. Homeowners in Elmwood can expect a range of property tax bills, with the 25th percentile at $293 and the 75th percentile reaching $958. For those in the 90th percentile, the tax bill can be as high as $1,353. Several factors influence these tax bills, including the assessed value of the home, local tax rates, and any applicable exemptions or deductions. The highest median tax bill in Elmwood's zip code 38560 is $627, which is significantly lower than the national median property tax rate of 0.99%. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual expenses. By knowing how tax bills are calculated, homeowners can better anticipate their financial obligations and plan accordingly.
Average Elmwood Tax Bill
$627
Average Smith County Tax Bill
$769
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Elmwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38560 | $142 | $293 | $627 | $958 | $1,353 |
Source: Ownwell