Big Rock, Tennessee Property Taxes
The median property tax rate in Big Rock, TN is 0.59%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Big Rock, the typical annual property tax bill amounts to $611, well below the national median of $2,690. Property taxes in Big Rock are determined based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Big Rock'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 Big Rock or another part of Stewart County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Big Rock, 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 Big Rock Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Big Rock with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Big Rock to provide an estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more localized trends, additional neighborhood-level information is available further down the page. Your property’s assessed value, determined by Stewart County, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Big Rock, Tennessee
Property taxes in Big Rock, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Rock is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Big Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Rock 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 Big Rock's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37023 zip code has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these areas compare with Big Rock provides valuable insights into the varying tax landscape across Stewart County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Rock Tax Rate
0.59%
Average Stewart County Tax Rate
0.59%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Rock, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37023 | 0.59% | 0.59% | 0.59% | 0.59% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Big Rock, Tennessee
In Big Rock, 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 Stewart 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 Big Rock, 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. The highest and lowest median tax bills in Big Rock both amount to $611. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Big Rock Assessed Value
$100,200
Average Stewart County Assessed Value
$102,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Rock, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37023 | $31,260 | $61,800 | $100,200 | $153,100 | $225,480 |
Source: Ownwell
Property Tax Bills Across Big Rock, Tennessee
In Big Rock, Stewart County, TN, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. For instance, if the median home price is $100,200, the assessed value is a percentage of this market price, determined by local assessment rules. The tax rate is then applied to this assessed value to calculate the annual tax bill. Factors such as property location, improvements, and local tax rates significantly influence the assessed value and, consequently, the tax bill. Homeowners in Big Rock experience varying tax bills. The 25th percentile tax bill is $372, indicating that a quarter of homeowners pay less than this amount annually. Meanwhile, the 75th percentile tax bill is $938, and the 90th percentile reaches up to $1,377. The highest median tax bill in the area is $611 in zip code 37023, which is also the lowest, showing uniformity in tax assessments. These tax obligations impact homeowners by affecting their annual expenses and potentially influencing property values.
Average Big Rock Tax Bill
$611
Average Stewart County Tax Bill
$644
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Rock, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37023 | $186 | $372 | $611 | $938 | $1,377 |
Source: Ownwell