Elizabethton, Tennessee Property Taxes
The median property tax rate in Elizabethton, TN is 0.54%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $102,800 in Elizabethton, the typical annual property tax bill amounts to $553, well below the national median of $2,690. Property taxes in Elizabethton are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Elizabethton'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 Elizabethton or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elizabethton, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$555
$515
Ownwell’s Elizabethton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elizabethton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elizabethton 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 Elizabethton, Tennessee
Property taxes in Elizabethton, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elizabethton is 0.54%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Elizabethton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elizabethton 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 Elizabethton's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37643 zip code has the highest median property tax rate of 0.54%, while the same zip code also has the lowest median tax rate of 0.54%. Understanding how these cities compare with Elizabethton provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elizabethton Tax Rate
0.54%
Average Washington County Tax Rate
0.54%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elizabethton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37643 | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Elizabethton, Tennessee
In Elizabethton, 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 Elizabethton, 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 Elizabethton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 37643 in Elizabethton has the highest median tax bill at $553, which is also the lowest median tax bill for the area.
Average Elizabethton Assessed Value
$102,800
Average Washington County Assessed Value
$131,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elizabethton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37643 | $102,800 | $102,800 | $102,800 | $102,800 | $102,800 |
Source: Ownwell
Property Tax Bills Across Elizabethton, Tennessee
In Elizabethton, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the property tax rate, also known as the millage rate, is applied. This rate is set by local government authorities and can vary annually based on budgetary needs. For homeowners in Elizabethton, the median home price stands at $102,800. With a consistent tax bill of $553 across various percentiles, homeowners can anticipate a relatively predictable property tax expense. This uniformity simplifies budgeting for property taxes and offers a degree of financial stability. Compared to the national median property tax rate of 0.99%, Elizabethton’s property tax rate is notably lower, making it an attractive location for homeowners seeking affordability. The predictable tax bill helps homeowners plan their finances more effectively, ensuring that property taxes remain manageable.
Average Elizabethton Tax Bill
$553
Average Washington County Tax Bill
$882
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Elizabethton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37643 | $553 | $553 | $553 | $553 | $553 |
Source: Ownwell