Sparta, Tennessee Property Taxes
The median property tax rate in Sparta, TN is 0.60%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Sparta at $162,850, the typical annual property tax bill amounts to $968, significantly less than the national median of $2,690. Property taxes in Sparta 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 Sparta'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 Sparta 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
Sparta, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$977
Ownwell’s Sparta Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sparta with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sparta 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 Sparta, Tennessee
Property taxes in Sparta, Tennessee, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sparta is 0.60%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Sparta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sparta 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 Sparta's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38583 zip code has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Sparta 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 Sparta 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 Sparta, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38583 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Sparta, Tennessee
In Sparta, 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 Sparta, 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. The median home price in Sparta is $162,850, with tax bills ranging from $701 at the 25th percentile to $2,176 at the 90th percentile. The zip code 38583 has both the highest and lowest median tax bill at $968. Being aware of these valuation processes in Sparta helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sparta Assessed Value
$162,850
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 Sparta, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38583 | $70,370 | $116,125 | $162,850 | $251,950 | $362,250 |
Source: Ownwell
Property Tax Bills Across Sparta, Tennessee
In Sparta, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the home's market value. Factors such as the property's size, location, and condition are considered to determine this value. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For homeowners in Sparta, the median home price is $162,850. The property tax bill varies significantly, with the 25th percentile at $701 and the 75th percentile at $1,522. Even at the 90th percentile, the tax bill is $2,176. Compared to the national median property tax rate of 0.99%, Sparta's property tax rates are relatively moderate. Understanding these factors is crucial for homeowners, as property taxes impact annual housing costs and financial planning. By knowing how their tax bill is determined, homeowners can better anticipate and manage their expenses.
Average Sparta Tax Bill
$968
Average Van Buren County Tax Bill
$590
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Sparta, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38583 | $462 | $701 | $968 | $1,522 | $2,176 |
Source: Ownwell