New Market, Jefferson County, Tennessee Property Taxes

Name: Property Tax Bills Across New Market, Jefferson County, Tennessee
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median New Market, TN effective property tax rate: 0.55%, significantly lower than the national median of 1.02%, but lower than the Tennessee state median of 0.64%.
Median New Market, TN home value: $101,400
Median annual New Market, TN tax bill: $555, $1,845 lower than the national median property tax bill of $2,400.

How are property taxes in Jefferson calculated?

Property taxes in New Market, TN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding New Market’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in New Market, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

New Market, Jefferson County, Tennessee Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.55%

Estimate Property Tax Bill

$558

$518

Ownwell’s NEW MARKET Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in NEW MARKET with just two data points. By entering your property's estimated assessed value, our calculator applies NEW MARKET’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Jefferson County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across New Market, Jefferson County, Tennessee

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare New Market’s effective property tax rate to other cities in Tennessee and the median property tax rates in Tennessee and the U.S.

In New Market, located in Jefferson County, property tax rates are notably lower than the national median. While the national median property tax rate is 1.02%, New Market's rate stands at 0.55%. This means that residents of New Market benefit from a more affordable property tax burden compared to many areas across the country. This lower rate can be particularly appealing for homeowners looking to maximize their investment in property without the added financial strain of high taxes. By understanding these differences, property owners in New Market can make informed decisions about their real estate investments.

Property Tax Rates Across New Market, Jefferson County, Tennessee

Source: Ownwell

0.55%

0.70%

0.85%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective New Market Tax Rate

0.55%

Median Effective Jefferson County Tax Rate

0.55%

Median Effective Tennessee Tax Rate

0.64%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across New Market, Jefferson County, Tennessee

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
37820	0.55%	0.55%	0.55%	0.55%	0.55%

Source: Ownwell

Property Tax Assessment Values Across New Market, Jefferson County, Tennessee

When examining property taxes in New Market, TN, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Jefferson County Appraisal District estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. In Jefferson County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in New Market. For example, the median home price in New Market is $101,400, with tax bills ranging significantly across the county. Zip code 37820 has the highest median home price at $101,400.

Property Tax Assessment Values Across New Market, Jefferson County, Tennessee

Source: Ownwell

$58,300

$108,625

$158,950

Median New Market Market Value

$101,400

Median Jefferson County Market Value

$119,000

Median Tennessee Market Value

$173,500

Median United States Market Value

$235,294

Property Tax Assessment Values Across New Market, Jefferson County, Tennessee

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
37820	$33,620	$65,500	$101,400	$159,200	$225,680

Source: Ownwell

Property Tax Bills Across New Market, Jefferson County, Tennessee

In New Market, located in Jefferson County, TN, property tax bills are determined by assessing the value of a property and applying the local tax rate. The assessed value is a percentage of the property's market value, with the local tax rate applied to this assessed value to calculate the annual tax bill. Homeowners in New Market face a median property tax bill of $555, significantly lower than the national median property tax bill of $2400. Despite this, tax bills can vary, with the 25th percentile at $359 and the 75th percentile reaching $872. These differences arise from factors like property size, location, and market conditions. For homeowners, understanding these factors is crucial, as they directly impact the financial burden of property ownership. Ownwell can assist homeowners by identifying potential savings through tax appeals and exemptions. By leveraging their expertise, homeowners can ensure they are not overpaying on their property taxes, potentially lowering their annual tax burden and increasing their financial flexibility.

Property Tax Bills Across New Market, Jefferson County, Tennessee

Source: Ownwell

$319

$595

$870

Median New Market Tax Bill

$555

Median Jefferson County Tax Bill

$726

Median Tennessee Tax Bill

$1,206

Median United States Tax Bill

$2,400

Property Tax Bills Across New Market, Jefferson County, Tennessee

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
37820	$184	$359	$555	$872	$1,235

Source: Ownwell