Waynesboro, Wayne County, Tennessee Property Taxes
The median property tax rate in Waynesboro, TN is 0.48%, significantly lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With a median home value of $90,700 in Waynesboro, the typical annual property tax bill is around $436, which is well below the national median of $2,690. Property taxes in Waynesboro 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 Waynesboro'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 Waynesboro 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
Waynesboro, Wayne County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$435
$404
Ownwell’s Waynesboro Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Waynesboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waynesboro 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 Wayne County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Waynesboro, Wayne County, Tennessee
Property taxes in Waynesboro, Tennessee, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Waynesboro is 0.48%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities in Waynesboro set these rates annually, and they can vary across different neighborhoods. Each year, Waynesboro 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 Waynesboro's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 38485 has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these rates compare with Waynesboro 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 Waynesboro 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 Waynesboro, Wayne County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38485 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Waynesboro, Wayne County, Tennessee
In Waynesboro, 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 Waynesboro, 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 highest median tax bill in the area is $436 in the 38485 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 Waynesboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Waynesboro, Wayne County, Tennessee
Source: Ownwell
$82,800
$108,400
$134,000
Average Waynesboro Assessed Value
$90,700
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 Waynesboro, Wayne County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38485 | $22,710 | $49,675 | $90,700 | $146,375 | $222,630 |
Source: Ownwell
Property Tax Bills Across Waynesboro, Wayne County, Tennessee
In Waynesboro, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. For example, with a median home price of $90,700, the assessed value is determined by applying the state's assessment ratio. The property tax rate is then applied to this assessed value to calculate the tax bill. Factors such as property improvements, neighborhood changes, and market trends can affect the assessed value over time, potentially increasing or decreasing the tax bill. For homeowners in Waynesboro, the property tax bill can vary significantly. At the 25th percentile, the tax bill is around $240, while at the 75th percentile, it reaches $704, and at the 90th percentile, it can go up to $1,069. The highest and lowest median tax bills in the area are both $436, indicating a relatively stable tax environment. Compared to the national median property tax rate of 0.99%, Waynesboro offers a more affordable option for homeowners.
Average Waynesboro 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 Waynesboro, Wayne County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38485 | $111 | $240 | $436 | $704 | $1,069 |
Source: Ownwell