Watertown, Tennessee Property Taxes
The median property tax rate in Watertown, 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 Watertown at $142,650, the typical annual property tax bill is $616, well below the national median of $2,690. Property taxes in Watertown 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 Watertown'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 Watertown 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
Watertown, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$613
Ownwell’s Watertown Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Watertown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Watertown 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 Watertown, Tennessee
Property taxes in Watertown, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Watertown is 0.43%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Watertown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Watertown 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 Watertown's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37184 zip code has the highest median property tax rate of 0.43%, while the 37184 zip code also has the lowest median tax rate of 0.43%. Understanding how these cities compare with Watertown 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 Watertown 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 Watertown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37184 | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
Source: Ownwell
Property Tax Assessment Values Across Watertown, Tennessee
In Watertown, 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 Watertown, 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 is $142,650, with tax bills ranging from $346 at the 25th percentile to $1,337 at the 90th percentile. The highest and lowest median tax bill is $616 in the 37184 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 in Watertown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Watertown Assessed Value
$142,650
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 Watertown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37184 | $41,460 | $79,950 | $142,650 | $216,875 | $308,490 |
Source: Ownwell
Property Tax Bills Across Watertown, Tennessee
In Watertown, TN, located in Smith County, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Watertown can expect varying tax bills depending on their property's assessed value and the local tax rate. For instance, the median home price in Watertown is $142,650. The tax bill at the 25th percentile is $346, while at the 75th percentile, it rises to $936. At the 90th percentile, homeowners might pay around $1,337. These figures indicate that property taxes can significantly vary, impacting homeowners differently based on their property values. Compared to the national median property tax rate of 0.99%, Watertown's property tax bills reflect a range that can be more or less burdensome depending on individual property assessments. This variability underscores the importance of understanding local tax assessments and their implications on annual property tax obligations.
Average Watertown Tax Bill
$616
Average Smith County Tax Bill
$769
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Watertown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37184 | $179 | $346 | $616 | $936 | $1,337 |
Source: Ownwell