Erin, Tennessee Property Taxes
The median property tax rate in Erin, TN is 0.59%, which is notably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $68,400 in Erin, the typical annual property tax bill amounts to $404, significantly below the national median of $2,690. Property taxes in Erin are determined based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Erin's property tax system, exploring the available exemptions, and identifying potential reductions can lead to substantial annual savings. Whether you reside in the heart of Erin or another part of Stewart County, familiarizing yourself with the local property tax system can provide considerable benefits for both homeowners and real estate investors.
Last Updated June 14, 2024
Erin, 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 Erin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Erin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Erin 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 Erin, Tennessee
Property taxes in Erin, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Erin is 0.59%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Erin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Erin 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 Erin's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37061 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 cities compare with Erin 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 Erin 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 Erin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37061 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Erin, Tennessee
In Erin, 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 Erin, 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 Erin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Erin is $68,400, with tax bills ranging from $345 at the 25th percentile to $791 at the 90th percentile. The zip code 37061 has the highest and lowest median tax bill at $404.
Average Erin Assessed Value
$68,400
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 Erin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37061 | $47,400 | $58,400 | $68,400 | $91,000 | $134,000 |
Source: Ownwell
Property Tax Bills Across Erin, Tennessee
In Erin, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate, set by Stewart County, is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $68,400, homeowners can expect a tax bill ranging from $345 at the 25th percentile to $791 at the 90th percentile. The median tax bill in Erin is $404, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property location, home improvements, and changes in the local tax rate. For homeowners, these taxes fund essential public services such as schools, emergency services, and infrastructure. Understanding how these elements affect your tax bill can help you better manage your finances and plan for future expenses. Lower property taxes in Erin can make homeownership more affordable compared to other regions with higher tax rates.
Average Erin Tax Bill
$404
Average Stewart County Tax Bill
$644
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Erin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37061 | $280 | $345 | $404 | $538 | $791 |
Source: Ownwell