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Tennessee Property Taxes – What You Need to Knowfrom:
Tennessee property taxes are charged at the local level. Cities and counties in Tennessee rely heavily on property taxes to fund their budgets. Items such as public schools, police and fire support and public libraries are funded by Tennessee property taxes. In Tennessee, the largest portion of Tennessee property taxes is used to fund public schools.
Tax rates are determined at the local level as well and can vary. However, the overall tax rate in Tennessee is quite low. Like in most states, the amount of Tennessee property taxes you’ll pay is dependent upon two factors: your home’s fair market value and the millage rate. The local tax assessor will estimate your home’s value and notify you of its value. Your property will be reassessed for tax purposes every six years. However, a higher property value during valuation does not necessarily mean that your taxes will go up.
When the local budget is created, the tax department will use the combined property values for the area along with the revenue requirements to meet the upcoming budget to determine the millage rate. In most cases, the millage rate is based on 25% of the fair market value, rather than the full fair market value on a residential property. Commercial properties are taxed at 40% of the fair market value. Counties and cities must hold a public meeting before the millage rate can be raised, but it can be lowered at any time.
Tennessee ranks 40th among the states in terms of the amount of property taxes paid by its residents. The average homeowner in Tennessee owns a home that is worth $114,000 and pays about $794 a year in Tennessee property taxes.
If you receive a notice from the tax assessor informing you of his determination of the fair market value of your home and you think it’s too high, you can appeal his valuation. You can discuss your valuation with the tax assessor during May and June of each year. If you don’t get satisfaction at this level, you can take your appeal to the county commissioners or city councilmen during July. If it is determined that your tax value is too high, you may receive a reduction in Tennessee property taxes owed.
Unlike most other states, Tennessee does not offer a homestead exemption for homeowners. This is likely because the state does not have income tax on salaries and wages, though income from stocks and bonds is taxed at a flat 6%. However, there are some property tax exemptions available in Tennessee, but they are available only for the elderly, the disabled and veterans.
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