Portland, Tennessee Property Taxes
The median property tax rate in Portland, TN is 0.56%, 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 Portland at $170,300, the typical annual property tax bill amounts to $1,246, which is below the national median of $2,690. Property taxes in Portland are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Portland's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Portland or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Portland, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$954
Ownwell’s Portland Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Portland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portland 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 Portland, Tennessee
Property taxes in Portland, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Portland is 0.56%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Portland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Portland 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 Portland's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37148 has the highest median property tax rate of 0.56%, while the same zip code 37148 has the lowest median tax rate of 0.56%. Understanding how these areas compare with Portland 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 Portland 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 Portland, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37148 | 0.56% | 0.56% | 0.56% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Portland, Tennessee
In Portland, 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 Portland, 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 Portland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1246 in the 37148 zip code, while the lowest median tax bill is also $1246 in the same zip code.
Average Portland Assessed Value
$170,300
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 Portland, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37148 | $87,240 | $132,000 | $170,300 | $222,100 | $308,960 |
Source: Ownwell
Property Tax Bills Across Portland, Tennessee
Property tax bills in Portland, TN, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local property tax rate. In Sumner County, where Portland is located, the tax rate is applied uniformly, ensuring consistency across the region. Several factors influence the tax bill, including the property's location, size, and condition. For instance, the median home price in Portland is $170,300. Homeowners can expect their tax bills to vary widely, with the 25th percentile bill at $879 and the 75th percentile bill at $1,636. At the higher end, the 90th percentile tax bill can reach up to $2,149. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure. Homeowners in Portland must budget for these expenses, which can significantly impact their overall cost of living. Compared to the national median property tax rate of 0.99%, Portland's rates offer a competitive balance between affordability and essential public services.
Average Portland Tax Bill
$1,246
Average Sumner County Tax Bill
$1,839
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Portland, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37148 | $540 | $879 | $1,246 | $1,636 | $2,149 |
Source: Ownwell