Cottage Grove, Weakley County, Tennessee Property Taxes
The median property tax rate in Cottage Grove, TN is 0.49%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Cottage Grove at $91,000, the typical annual property tax bill amounts to $448, well below the national median of $2,690. Property taxes in Cottage Grove are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Cottage Grove'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 Cottage Grove 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
Cottage Grove, Weakley County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$446
$414
Ownwell’s Cottage Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cottage Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cottage Grove 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 Cottage Grove, Weakley County, Tennessee
Property taxes in Cottage Grove, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cottage Grove is 0.49%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Cottage Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cottage Grove 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 Cottage Grove's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38224 zip code has the highest median property tax rate of 0.49%, while the same zip code also has the lowest median tax rate of 0.49%. Understanding how these cities compare with Cottage Grove provides valuable insights into the varying tax landscape across Weakley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cottage Grove Tax Rate
0.49%
Average Weakley County Tax Rate
0.49%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cottage Grove, Weakley County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38224 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Cottage Grove, Weakley County, Tennessee
In Cottage Grove, 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 Weakley 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 Cottage Grove, 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. The highest median tax bill in Cottage Grove is $448 in the 38224 zip code, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Cottage Grove, Weakley County, Tennessee
Source: Ownwell
$57,900
$77,700
$97,500
Average Cottage Grove Assessed Value
$91,000
Average Weakley County Assessed Value
$76,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cottage Grove, Weakley County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38224 | $36,630 | $53,325 | $91,000 | $162,575 | $326,850 |
Source: Ownwell
Property Tax Bills Across Cottage Grove, Weakley County, Tennessee
In Cottage Grove, located in Weakley County, TN, property tax bills are calculated based on the assessed value of the home, which is derived from the market value. For example, with a median home price of $91,000, the assessed value is a percentage of this market value, and the tax rate is applied to this assessed value. The median property tax bill in this area can vary significantly, with the 25th percentile at $263 and the 75th percentile reaching up to $802. The highest median tax bill recorded in the region is $448 in the 38224 zip code. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. These tax bills can have a notable impact on homeowners, affecting their annual expenses and overall financial planning. Compared to the national median property tax rate of 0.99%, the tax rates in Cottage Grove may offer some relief, but the variability means homeowners need to be prepared for different possible outcomes.
Average Cottage Grove Tax Bill
$448
Average Weakley County Tax Bill
$523
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Cottage Grove, Weakley County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38224 | $181 | $263 | $448 | $802 | $1,612 |
Source: Ownwell