College Grove, Tennessee Property Taxes
The median property tax rate in College Grove, TN is 0.47%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $565,100, the typical annual property tax bill in College Grove is $2,687, just under the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding College 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 College Grove or another part of Williamson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
College Grove, 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 College Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in College Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in College 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 College Grove, Tennessee
Property taxes in College 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 College Grove is 0.47%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within College Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, College 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 College Grove's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37046 zip code has the highest median property tax rate of 0.47%, while the same 37046 zip code also has the lowest median tax rate of 0.47%. Understanding how these figures compare with College Grove provides valuable insights into the varying tax landscape across Williamson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average College Grove Tax Rate
0.47%
Average Williamson County Tax Rate
0.54%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across College Grove, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37046 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across College Grove, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in College Grove, Tennessee. 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 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 College 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. Being aware of these valuation processes in College Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in College Grove are both $2,687, found in the zip code 37046.
Property Tax Assessment Values Across College Grove, Tennessee
Source: Ownwell
$161,000
$549,800
$938,600
Average College Grove Assessed Value
$565,100
Average Williamson County Assessed Value
$492,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across College Grove, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37046 | $186,440 | $305,700 | $565,100 | $850,000 | $1,552,750 |
Source: Ownwell
Property Tax Bills Across College Grove, Tennessee
In College Grove, located in Williamson County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The median home price in College Grove is $565,100, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in College Grove can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $1,504, while the 75th percentile tax bill reaches $4,083. At the 90th percentile, tax bills can soar to $7,385. These figures highlight the range of property tax obligations within the area. Compared to the national median property tax rate of 0.99%, College Grove’s property tax rate offers a different financial landscape for homeowners, impacting their overall cost of living and financial planning. The highest and lowest median tax bill in the area is $2,687, indicating a relatively consistent tax environment within the specified zip code.
Average College Grove Tax Bill
$2,687
Average Williamson County Tax Bill
$2,616
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across College Grove, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37046 | $894 | $1,504 | $2,687 | $4,083 | $7,385 |
Source: Ownwell