Fall Branch, Tennessee Property Taxes
The median property tax rate in Fall Branch, TN is 0.60%, notably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Fall Branch at $118,100, the typical annual property tax bill is $702, significantly below the national median of $2,690. Property taxes in Fall Branch 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 Fall Branch'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 Fall Branch or another part of Sullivan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fall Branch, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$709
Ownwell’s Fall Branch Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fall Branch with minimal input. By simply entering your property's estimated assessed value, the calculator uses the median tax rate specific to Fall Branch to provide an accurate property tax estimate. This valuable resource aids in understanding potential tax liabilities and planning accordingly. For those interested in more detailed insights, scrolling down reveals neighborhood-level trends and localized information. Your property's assessed value, determined by Sullivan County, forms the basis for these calculations and includes any applicable exemptions, ensuring a precise estimate.
Property Tax Rates Across Fall Branch, Tennessee
Property taxes in Fall Branch, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fall Branch is 0.60%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Fall Branch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fall Branch 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 Fall Branch's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37656 zip code has the highest median property tax rate of 0.60%, while the 37656 zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Fall Branch provides valuable insights into the varying tax landscape across Sullivan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fall Branch Tax Rate
0.60%
Average Sullivan County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fall Branch, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37656 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Fall Branch, Tennessee
In Fall Branch, 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 Sullivan 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 Fall Branch, 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 Fall Branch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Fall Branch are both $702.00, found in the 37656 zip code.
Average Fall Branch Assessed Value
$118,100
Average Sullivan County Assessed Value
$117,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fall Branch, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37656 | $23,660 | $65,200 | $118,100 | $209,400 | $323,640 |
Source: Ownwell
Property Tax Bills Across Fall Branch, Tennessee
In Fall Branch, Sullivan County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Fall Branch is $118,100. The local tax rate is applied to this assessed value to determine the annual tax bill. For example, homes in the 25th percentile have an annual tax bill of $362, while those in the 75th percentile face a tax bill of $1,198. At the 90th percentile, the tax bill can reach up to $1,922. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For homeowners, this means that understanding how their property is assessed and keeping up with local tax rates is crucial. Comparatively, the median property tax rate in this region is significantly lower than the national median of 0.99%, offering some relief to homeowners in Fall Branch. The highest and lowest median tax bills in the area are both recorded at $702, specifically in the 37656 zip code.
Average Fall Branch Tax Bill
$702
Average Sullivan County Tax Bill
$872
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Fall Branch, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37656 | $142 | $362 | $702 | $1,198 | $1,922 |
Source: Ownwell