Drummonds, Tennessee Property Taxes
The median property tax rate in Drummonds, TN is 0.51%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Drummonds at $127,900, the typical annual property tax bill reaches $653, significantly below the national median of $2,690. Property taxes in Drummonds are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Drummonds' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Drummonds or another part of Tipton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Drummonds, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$652
$605
Ownwell’s Drummonds Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Drummonds with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Drummonds 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 Drummonds, Tennessee
Property taxes in Drummonds, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Drummonds is 0.51%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Drummonds set these rates annually, and they can vary significantly across different neighborhoods. Each year, Drummonds 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 Drummonds' effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38023 zip code has the highest median property tax rate of 0.51%, while the 38023 zip code also has the lowest median tax rate of 0.51%. Understanding how these cities compare with Drummonds provides valuable insights into the varying tax landscape across Tipton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Drummonds Tax Rate
0.51%
Average Tipton County Tax Rate
0.51%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Drummonds, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38023 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Drummonds, Tennessee
In Drummonds, 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 Tipton 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 Drummonds, 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 Drummonds helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Drummonds are both $653, found in the 38023 zip code.
Average Drummonds Assessed Value
$127,900
Average Tipton County Assessed Value
$143,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Drummonds, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38023 | $14,200 | $66,150 | $127,900 | $198,600 | $263,940 |
Source: Ownwell
Property Tax Bills Across Drummonds, Tennessee
In Drummonds, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local property tax rate is then applied to this assessed value to determine the annual tax bill. Homeowners in Tipton County, where Drummonds is located, experience a range of tax bills. For instance, the tax bill at the 25th percentile is around $339, while at the 75th percentile, it rises to approximately $1,014. The 90th percentile tax bill can go up to $1,348. The property tax rate in Drummonds is influenced by various factors, including local government budgets, school district funding, and public services. This directly impacts homeowners, as higher assessed values and tax rates can lead to increased annual tax bills. Compared to the national median property tax rate of 0.99%, Drummonds offers relatively affordable property taxes, making it an attractive location for homeowners seeking lower tax liabilities.
Average Drummonds Tax Bill
$653
Average Tipton County Tax Bill
$880
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Drummonds, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38023 | $86 | $339 | $653 | $1,014 | $1,348 |
Source: Ownwell