Collinwood, Tennessee Property Taxes
The median property tax rate in Collinwood, 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 Collinwood, the typical annual property tax bill is approximately $436, well below the national median of $2,690. Property taxes in Collinwood are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Collinwood'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 Collinwood 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
Collinwood, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$437
Ownwell’s Collinwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Collinwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Collinwood 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 Collinwood, Tennessee
Property taxes in Collinwood, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Collinwood is 0.48%, which is lower than the U.S. national median of 0.99%. Local government entities within Collinwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Collinwood 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. Understanding how Collinwood's effective property tax rate compares to other areas 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 Collinwood 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 Collinwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38450 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Collinwood, Tennessee
In Collinwood, 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 Collinwood, 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. For instance, the median home price is $90,950, with tax bills ranging from $249 at the 25th percentile to $1,092 at the 90th percentile. The highest and lowest median tax bills are both $436 in the 38450 zip code. 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 Collinwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Collinwood Assessed Value
$90,950
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 Collinwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38450 | $18,950 | $52,025 | $90,950 | $155,075 | $227,990 |
Source: Ownwell
Property Tax Bills Across Collinwood, Tennessee
In Collinwood, Wayne County, TN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the property's market value and applies an assessment ratio to derive the taxable value. Homeowners in Collinwood experience a range of property tax bills, with the 25th percentile at $249 and the 75th percentile at $744. The 90th percentile tax bill can reach up to $1,092, reflecting the variation in property values and assessments. For a median home price of $90,950, the property tax bill can significantly impact homeowners' finances. Compared to the national median property tax rate of 0.99%, Collinwood’s tax rates provide a point of comparison for residents to understand their tax obligations. The highest and lowest median tax bills in the area are both recorded at $436 in the 38450 zip code, indicating some consistency in tax assessments within specific regions. Understanding these factors helps homeowners anticipate their annual tax liabilities and plan accordingly.
Average Collinwood Tax Bill
$436
Average Wayne County Tax Bill
$475
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Collinwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38450 | $91 | $249 | $436 | $744 | $1,092 |
Source: Ownwell