Flag Pond, Tennessee Property Taxes
Flag Pond, TN has a median property tax rate of 0.59%, which is notably lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With a median home value of $41,850, the typical annual property tax bill in Flag Pond amounts to $270, significantly below the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Flag Pond'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 Flag Pond or another part of Unicoi County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Flag Pond, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$247
$229
Ownwell’s Flag Pond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Flag Pond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flag Pond 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 Flag Pond, Tennessee
Property taxes in Flag Pond, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flag Pond is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Flag Pond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flag Pond 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 Flag Pond's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37657 zip code has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these figures compare with Flag Pond provides valuable insights into the varying tax landscape across Unicoi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flag Pond Tax Rate
0.59%
Average Unicoi County Tax Rate
0.59%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flag Pond, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37657 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Flag Pond, Tennessee
In Flag Pond, 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 Unicoi 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 Flag Pond, 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. The median home price in Flag Pond is $41,850, with tax bills ranging from $102 at the 25th percentile to $983 at the 90th percentile. The highest and lowest median tax bill, both at $270, are found in the 37657 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Flag Pond Assessed Value
$41,850
Average Unicoi County Assessed Value
$91,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flag Pond, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37657 | $7,950 | $17,900 | $41,850 | $86,425 | $161,850 |
Source: Ownwell
Property Tax Bills Across Flag Pond, Tennessee
In Flag Pond, located in Unicoi County, TN, property tax bills are calculated based on the assessed value of the property, which is a percentage of the property's market value. The median home price in Flag Pond is $41,850. Property taxes are then determined by applying the local tax rate to the assessed value. For example, homeowners in Flag Pond can expect their tax bills to range significantly. The 25th percentile tax bill is around $102, while the 75th percentile tax bill is approximately $538, and the 90th percentile tax bill can reach up to $983. These tax bills can have a noticeable impact on homeowners, affecting their annual financial planning and overall cost of homeownership. Compared to the national median property tax rate of 0.99%, Flag Pond's tax rates are relatively modest, providing some financial relief to homeowners in the area. However, the variation in tax bills means that individual circumstances and property values can lead to different financial outcomes for residents.
Average Flag Pond Tax Bill
$270
Average Unicoi County Tax Bill
$553
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Flag Pond, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37657 | $48 | $102 | $270 | $538 | $983 |
Source: Ownwell