Unicoi, Tennessee Property Taxes
The median property tax rate in Unicoi, TN is 0.59%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Unicoi at $84,100, the typical annual property tax bill reaches $511, significantly below the national median of $2,690. Property taxes in Unicoi 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 Unicoi'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 Unicoi or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Unicoi, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Unicoi Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Unicoi with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Unicoi 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 Unicoi, Tennessee
Property taxes in Unicoi, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Unicoi is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Unicoi set these rates annually, and they can vary significantly across different neighborhoods. Each year, Unicoi 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 Unicoi's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37692 zip code has the highest median property tax rate of 0.59%, while the lowest median tax rate is also 0.59%. Understanding how these areas compare with Unicoi 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 Unicoi 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 Unicoi, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37692 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Unicoi, Tennessee
In Unicoi, 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 local 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 Unicoi, 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 Unicoi helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Unicoi stands at $84,100, with the 25th percentile tax bill at $170 and the 75th percentile tax bill at $1,010. The highest and lowest median tax bills both occur in zip code 37692, each at $511.
Average Unicoi Assessed Value
$84,100
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 Unicoi, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37692 | $13,000 | $28,300 | $84,100 | $168,100 | $258,200 |
Source: Ownwell
Property Tax Bills Across Unicoi, Tennessee
In Unicoi, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. For homeowners, this means that the higher the market value of their home, the higher their property tax bill will be. The median home price in Unicoi is $84,100, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $170, while the 75th percentile tax bill is $1,010, and the 90th percentile tax bill reaches $1,535. These figures illustrate the range of property tax burdens that homeowners may face. The assessed value is then multiplied by the local tax rate to determine the final tax bill. Homeowners need to understand these factors to anticipate their annual property tax expenses accurately. Compared to the national median property tax rate of 0.99%, the property tax burden in Unicoi can be relatively moderate, but it still represents a significant expense for many homeowners.
Average Unicoi Tax Bill
$511
Average Unicoi County Tax Bill
$553
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Unicoi, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37692 | $77 | $170 | $511 | $1,010 | $1,535 |
Source: Ownwell