Tennessee Ridge, Tennessee Property Taxes
The median property tax rate in Tennessee Ridge, 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 the median home value in Tennessee Ridge, the typical annual property tax bill amounts to $724, significantly below the national median of $2,690. Property taxes in Tennessee Ridge are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Tennessee Ridge'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 Tennessee Ridge or another part of Stewart County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tennessee Ridge, 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 Tennessee Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tennessee Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tennessee Ridge 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 Tennessee Ridge, Tennessee
Property taxes in Tennessee Ridge, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tennessee Ridge is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Tennessee Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tennessee Ridge 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 Tennessee Ridge's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37178 has both the highest and lowest median property tax rate of 0.59%. Understanding how these areas compare with Tennessee Ridge 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 Tennessee Ridge 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 Tennessee Ridge, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37178 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Tennessee Ridge, Tennessee
In Tennessee Ridge, 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. 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 Tennessee Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Tennessee Ridge both stand at $724, specifically in the 37178 zip code.
Property Tax Assessment Values Across Tennessee Ridge, Tennessee
Source: Ownwell
$68,400
$104,850
$141,300
Average Tennessee Ridge Assessed Value
$122,600
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 Tennessee Ridge, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37178 | $33,200 | $68,000 | $122,600 | $177,900 | $249,700 |
Source: Ownwell
Property Tax Bills Across Tennessee Ridge, Tennessee
In Tennessee Ridge, Stewart County, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. For homeowners, this means that the higher the assessed value of their property, the higher their tax bill will be. In Tennessee Ridge, the median home price is $122,600, and property tax bills can vary significantly. For example, the tax bill at the 25th percentile is $399, while at the 75th percentile, it rises to $1101. At the 90th percentile, homeowners might face tax bills as high as $1528. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. For homeowners in Tennessee Ridge, staying informed about these factors is crucial for financial planning and ensuring they are not overpaying on their property taxes.
Average Tennessee Ridge Tax Bill
$724
Average Stewart County Tax Bill
$644
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Tennessee Ridge, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37178 | $196 | $399 | $724 | $1,101 | $1,528 |
Source: Ownwell