Bone Cave, Tennessee Property Taxes
The median property tax rate in Bone Cave, TN is 0.60%, lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Bone Cave, the typical annual property tax bill reaches $3,679, which surpasses the national median of $2,690. Property taxes in Bone Cave are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bone Cave'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 Bone Cave or another part of Van Buren County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bone Cave, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$3,679
$3,414
Ownwell’s Bone Cave Property Tax Bill Calculator assists any homeowner, real estate investor, or potential owner in estimating their annual property taxes in Bone Cave with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bone Cave 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 Bone Cave, Tennessee
Property taxes in Bone Cave, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bone Cave is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Bone Cave set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bone Cave 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 Bone Cave's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 38581 has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these areas compare with Bone Cave provides valuable insights into the varying tax landscape across Van Buren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bone Cave Tax Rate
0.60%
Average Van Buren County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bone Cave, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38581 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Bone Cave, Tennessee
In Bone Cave, 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 Van Buren 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 Bone Cave, 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 Bone Cave is $613,200, with tax bills ranging from $3,081 at the 25th percentile to $4,015 at the 90th percentile. Notably, the highest and lowest median tax bills are both $3,679 in the 38581 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 Bone Cave Assessed Value
$613,200
Average Van Buren County Assessed Value
$96,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bone Cave, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38581 | $415,790 | $513,575 | $613,200 | $662,300 | $669,140 |
Source: Ownwell
Property Tax Bills Across Bone Cave, Tennessee
In Bone Cave, located in Van Buren County, TN, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county assessor and is a percentage of the property's market value. Homeowners in Bone Cave can expect their tax bills to vary significantly, with the 25th percentile tax bill around $3,081 and the 75th percentile reaching up to $3,974. The 90th percentile tax bill is slightly higher at $4,015. These figures indicate that while some homeowners may face relatively lower tax bills, others could see higher amounts, depending on their property's assessed value. The median home price in Bone Cave is $613,200, which plays a crucial role in determining the overall tax burden. Compared to the national median property tax rate of 0.99%, the property tax rates in Bone Cave can have a significant impact on homeowners, influencing their financial planning and overall cost of living.
Average Bone Cave Tax Bill
$3,679
Average Van Buren County Tax Bill
$590
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Bone Cave, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38581 | $2,495 | $3,081 | $3,679 | $3,974 | $4,015 |
Source: Ownwell