South Fulton, Tennessee Property Taxes
The median property tax rate in South Fulton, TN is 0.49%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in South Fulton, the typical annual property tax bill reaches $481, significantly less than the national median of $2,690. Property taxes in South Fulton are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding South Fulton'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 South Fulton 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
South Fulton, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$478
$443
Ownwell’s South Fulton Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in South Fulton with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in South Fulton to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, making it easier to plan your finances. 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 Weakley County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across South Fulton, Tennessee
Property taxes in South Fulton, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Fulton is 0.49%, which is lower than the U.S. national median of 0.99%. Local government entities within South Fulton set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Fulton 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 South Fulton's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 38257 has both the highest and lowest median property tax rate of 0.49%, reflecting the uniformity in tax rates within the region. Understanding how these areas compare with South Fulton 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 South Fulton 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 South Fulton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38257 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across South Fulton, Tennessee
In South Fulton, 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 South Fulton, 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 South Fulton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38257 has the highest median tax bill at $481, and also the lowest, reflecting the uniformity in tax assessments within the area.
Average South Fulton Assessed Value
$97,500
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 South Fulton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38257 | $35,440 | $62,400 | $97,500 | $176,100 | $253,020 |
Source: Ownwell
Property Tax Bills Across South Fulton, Tennessee
Property tax bills in South Fulton, located in Weakley County, TN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. Factors such as property size, location, and improvements contribute to this valuation. The local tax rate is applied to the assessed value to calculate the annual tax bill. In South Fulton, the median home price is $97,500. Homeowners can expect tax bills to vary significantly, with the 25th percentile tax bill at $308 and the 75th percentile reaching $868. The 90th percentile tax bill can go up to $1,248. Comparatively, the highest and lowest median tax bills in the area are both $481, indicating a consistent tax rate across different properties within the same zip code. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting homeowners' quality of life. Understanding how these bills are calculated helps homeowners anticipate their financial responsibilities accurately.
Average South Fulton Tax Bill
$481
Average Weakley County Tax Bill
$523
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across South Fulton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38257 | $175 | $308 | $481 | $868 | $1,248 |
Source: Ownwell