Spencer, Tennessee Property Taxes
The median property tax rate in Spencer, TN is 0.60%, which is notably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $86,800 in Spencer, the typical annual property tax bill amounts to $527, significantly below the national median of $2,690. Property taxes in Spencer are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Spencer'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 Spencer or another part of Van Buren County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spencer, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$521
Ownwell’s Spencer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spencer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spencer 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 Spencer, Tennessee
Property taxes in Spencer, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spencer is 0.60%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Spencer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spencer 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 Spencer's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38585 zip code has the highest median property tax rate of 0.60%, while the 38585 zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Spencer 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 Spencer 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 Spencer, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38585 | 0.60% | 0.60% | 0.60% | 0.60% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Spencer, Tennessee
In Spencer, 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 Spencer, 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. Spencer has a median home price of $86,800, with tax bills ranging from $300 at the 25th percentile to $1,549 at the 90th percentile. The highest and lowest median tax bills are both $527 in the 38585 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 Spencer Assessed Value
$86,800
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 Spencer, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38585 | $24,870 | $49,650 | $86,800 | $152,000 | $256,910 |
Source: Ownwell
Property Tax Bills Across Spencer, Tennessee
In Spencer, located in Van Buren County, TN, property tax bills are calculated based on the assessed value of a property, which is derived from the market value. Homeowners in Spencer see their property taxes determined by multiplying the assessed value by the local tax rate. The median home price in Spencer is $86,800. The tax bill for properties in the 25th percentile is around $300, while those in the 75th percentile see bills closer to $919. For the top 10% of properties, tax bills can reach approximately $1,549. The highest and lowest median tax bills in the area both stand at $527, within the 38585 zip code. Comparatively, Spencer's property tax rates can be seen as more favorable when contrasted with the national median property tax rate of 0.99%. These factors collectively influence homeowners by affecting their annual financial obligations and can play a significant role in the overall cost of homeownership in Spencer.
Average Spencer Tax Bill
$527
Average Van Buren County Tax Bill
$590
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Spencer, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38585 | $145 | $300 | $527 | $919 | $1,549 |
Source: Ownwell