Gordonsville, Smith County, Tennessee Property Taxes
The median property tax rate in Gordonsville, 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 $184,100 in Gordonsville, the typical annual property tax bill amounts to $928, which is far below the national median of $2,690. Property taxes in Gordonsville are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gordonsville'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 Gordonsville 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
Gordonsville, Smith County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$792
$735
Ownwell’s Gordonsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gordonsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gordonsville 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 Gordonsville, Smith County, Tennessee
Property taxes in Gordonsville, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gordonsville is 0.43%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Gordonsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gordonsville 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 Gordonsville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38563 has both the highest and lowest median property tax rate of 0.43%. Understanding how these cities compare with Gordonsville 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 Gordonsville 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 Gordonsville, Smith County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38563 | 0.43% | 0.43% | 0.43% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Gordonsville, Smith County, Tennessee
In Gordonsville, 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 local 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 Gordonsville, 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 Gordonsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in the area is 38563, with a tax bill of $928.00.
Property Tax Assessment Values Across Gordonsville, Smith County, Tennessee
Source: Ownwell
$115,000
$149,650
$184,300
Average Gordonsville Assessed Value
$184,100
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 Gordonsville, Smith County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38563 | $45,340 | $126,050 | $184,100 | $252,350 | $345,040 |
Source: Ownwell
Property Tax Bills Across Gordonsville, Smith County, Tennessee
In Gordonsville, located in Smith County, 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. Once the assessed value is established, the applicable tax rate is applied to calculate the annual tax bill. Several factors influence the property tax bill, including the property's location, size, and any applicable exemptions. For instance, the median home price in Gordonsville is $184,100, and property tax bills can vary significantly. Homeowners in the 25th percentile pay around $563 annually, while those in the 75th percentile pay approximately $1318. At the 90th percentile, the tax bill can reach up to $1757. Understanding these factors is crucial for homeowners as property taxes can impact their overall financial planning. Compared to the national median property tax rate of 0.99%, Gordonsville offers relatively competitive property tax rates, making it an appealing choice for potential homeowners.
Average Gordonsville Tax Bill
$928
Average Smith County Tax Bill
$769
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Gordonsville, Smith County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38563 | $216 | $563 | $928 | $1,318 | $1,757 |
Source: Ownwell