Fall Branch, Tennessee Property Taxes
The median property tax rate in Fall Branch, TN is 0.54%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Fall Branch at $103,400, the typical annual property tax bill amounts to $563, well below the national median of $2,690. Property taxes in Fall Branch 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 Fall Branch'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 Fall Branch 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
Fall Branch, 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 FALL BRANCH Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FALL BRANCH with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FALL BRANCH 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 Fall Branch, Tennessee
Property taxes in Fall Branch, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fall Branch 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 Fall Branch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fall Branch 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 Fall Branch's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37656 zip code has both the highest and lowest median property tax rate of 0.54%. Understanding how these cities compare with Fall Branch 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 Fall Branch 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 Fall Branch, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37656 | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Fall Branch, Tennessee
In Fall Branch, 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 Washington 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 Fall Branch, 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 Fall Branch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 37656, both at $563.
Average Fall Branch Assessed Value
$103,400
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 Fall Branch, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37656 | $16,680 | $43,650 | $103,400 | $156,600 | $226,500 |
Source: Ownwell
Property Tax Bills Across Fall Branch, Tennessee
Property tax bills in Fall Branch, Washington County, TN, are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $103,400, the assessed value is a portion of this amount, and the tax rate is applied accordingly. Homeowners in Fall Branch can expect tax bills that vary significantly. At the 25th percentile, tax bills are around $240, while those at the 75th percentile see bills closer to $848. The 90th percentile of tax bills reaches up to $1,223. Interestingly, the highest median tax bill in the area is $563, which is consistent across the zip code 37656. Compared to the national median property tax rate of 0.99%, Fall Branch homeowners experience relatively lower tax rates. These tax bills directly impact homeowners by influencing their annual financial planning and long-term property investment strategies.
Average Fall Branch Tax Bill
$563
Average Washington County Tax Bill
$882
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Fall Branch, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37656 | $91 | $240 | $563 | $848 | $1,223 |
Source: Ownwell