Clifton, Tennessee Property Taxes
The median property tax rate in Clifton, TN, is 0.48%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Clifton at $99,200, the typical annual property tax bill is $478, well below the national median of $2,690. Property taxes in Clifton are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Clifton'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 Clifton or another part of Wayne County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Clifton, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$476
$442
Ownwell’s Clifton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clifton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clifton 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 Clifton, Tennessee
Property taxes in Clifton, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clifton is 0.48%, which is lower than the U.S. national median of 0.99%. Local government entities within Clifton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clifton 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 Clifton's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38425 has both the highest and lowest median property tax rate of 0.48%. Understanding how these cities compare with Clifton provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clifton Tax Rate
0.48%
Average Wayne County Tax Rate
0.48%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clifton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38425 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Clifton, Tennessee
In Clifton, 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 Wayne 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 Clifton, 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 Clifton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Clifton is $99,200, with tax bills ranging significantly. For instance, the median tax bill in zip code 38425 is $478, representing both the highest and lowest median tax bills in the area.
Average Clifton Assessed Value
$99,200
Average Wayne County Assessed Value
$98,950
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clifton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38425 | $27,860 | $59,700 | $99,200 | $163,600 | $256,970 |
Source: Ownwell
Property Tax Bills Across Clifton, Tennessee
In Clifton, located in Wayne County, TN, property tax bills are calculated using the assessed value of a home and the local tax rate. The assessed value is a percentage of the property's market value, which for Clifton, aligns with the median home price of $99,200. This assessed value is then multiplied by the local tax rate to determine the final tax bill. Homeowners in Clifton can expect their tax bills to vary based on the assessed value of their property. For instance, the 25th percentile tax bill is around $286, while the 75th percentile reaches up to $785. At the 90th percentile, homeowners might see tax bills as high as $1,247. The median tax bill in Clifton is $478, which is below the national median property tax rate of 0.99%. These tax bills directly impact homeowners by influencing their annual housing expenses. Lower tax rates can make homeownership more affordable, while higher rates can add a significant cost to owning property.
Average Clifton Tax Bill
$478
Average Wayne County Tax Bill
$475
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Clifton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38425 | $133 | $286 | $478 | $785 | $1,247 |
Source: Ownwell