Cookeville, Tennessee Property Taxes
The median property tax rate in Cookeville, TN is 0.51%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $126,700 in Cookeville, the typical annual property tax bill amounts to $638, which is well below the national median of $2,690. Property taxes in Cookeville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Cookeville'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 Cookeville 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
Cookeville, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Cookeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cookeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cookeville 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 Cookeville, Tennessee
Property taxes in Cookeville, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cookeville is 0.51%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Cookeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cookeville 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 Cookeville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38506 zip code has the highest median property tax rate of 0.51%, while the 38506 zip code has the lowest median tax rate of 0.51%. Understanding how these cities compare with Cookeville provides valuable insights into the varying tax landscape across White County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cookeville Tax Rate
0.51%
Average White County Tax Rate
0.51%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cookeville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38506 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Cookeville, Tennessee
In Cookeville, 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 local 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. Assessment notices in Cookeville 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. Cookeville's median home price is $126,700, with property tax bills ranging from $494 at the 25th percentile to $1,605 at the 90th percentile. The zip code with the highest and lowest median tax bill is 38506, both at $638. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cookeville Assessed Value
$126,700
Average White County Assessed Value
$113,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cookeville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38506 | $60,440 | $96,600 | $126,700 | $202,500 | $313,000 |
Source: Ownwell
Property Tax Bills Across Cookeville, Tennessee
In Cookeville, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the home's market value, and the tax rate is applied to this assessed value to determine the final tax bill. For homeowners in Cookeville, the tax bills can vary significantly. For instance, the 25th percentile tax bill is around $494, while the 75th percentile reaches up to $1,037. At the higher end, the 90th percentile tax bill can go as high as $1,605. These variations are influenced by factors such as the home's location within the county, its market value, and any applicable exemptions. The median home price in Cookeville is $126,700, which is considerably lower than the national median, resulting in relatively lower property tax bills compared to other regions. Homeowners need to be aware of these factors as they directly impact their annual financial obligations and overall cost of living.
Average Cookeville Tax Bill
$638
Average White County Tax Bill
$619
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Cookeville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38506 | $309 | $494 | $638 | $1,037 | $1,605 |
Source: Ownwell