Castalian Springs, Tennessee Property Taxes
The median property tax rate in Castalian Springs, TN, is 0.56%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Castalian Springs at $223,800, the typical annual property tax bill amounts to $1,255, which is well below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Castalian Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Castalian Springs or another part of Sumner County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Castalian Springs, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,253
$1,163
Ownwell’s Castalian Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Castalian Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Castalian Springs 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 Castalian Springs, Tennessee
Property taxes in Castalian Springs, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Castalian Springs is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Castalian Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Castalian Springs 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 Castalian Springs' effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37031 zip code has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Castalian Springs provides valuable insights into the varying tax landscape across Sumner County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Castalian Springs Tax Rate
0.56%
Average Sumner County Tax Rate
0.76%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Castalian Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37031 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Castalian Springs, Tennessee
In Castalian Springs, 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 Sumner 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 Castalian Springs, 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 Castalian Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $223,800, with tax bills ranging from $834 at the 25th percentile to $2,128 at the 90th percentile. The zip code 37031 has the highest and lowest median tax bill of $1,255.
Property Tax Assessment Values Across Castalian Springs, Tennessee
Source: Ownwell
$127,500
$210,100
$292,700
Average Castalian Springs Assessed Value
$223,800
Average Sumner County Assessed Value
$246,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Castalian Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37031 | $89,900 | $148,350 | $223,800 | $289,950 | $377,700 |
Source: Ownwell
Property Tax Bills Across Castalian Springs, Tennessee
In Castalian Springs, Sumner County, TN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. For instance, with a median home price of $223,800, the assessed value becomes the foundation for calculating the tax bill. The local tax rate is then applied to this assessed value to determine the amount owed. In Sumner County, the tax bills can vary significantly, with the 25th percentile at $834 and the 75th percentile at $1,632. At the 90th percentile, homeowners can expect a tax bill of around $2,128. The highest and lowest median tax bill in the region is $1,255, showing a relatively consistent tax burden across different properties. Homeowners in Castalian Springs should be aware that their property tax bill is influenced by both the assessed value and the local tax rate, impacting their annual financial planning and homeownership costs.
Average Castalian Springs Tax Bill
$1,255
Average Sumner County Tax Bill
$1,839
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Castalian Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37031 | $506 | $834 | $1,255 | $1,632 | $2,128 |
Source: Ownwell