Watertown, Smith County, Tennessee Property Taxes
Median Watertown, TN effective property tax rate: 0.43%, significantly lower than the national median of 1.02%, but lower than the Tennessee state median of 0.64%.
Median Watertown, TN home value: $142,650
Median annual Watertown, TN tax bill: $616, $1,784 lower than the national median property tax bill of $2,400.
How are property taxes in Smith County calculated?
Property taxes in Watertown, 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 Watertown’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Watertown, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Watertown, Smith County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.43%
Estimate Property Tax Bill
$613
$569
Property Tax Rates Across Watertown, Smith County, Tennessee
Local government entities are responsible for setting tax rates, and these can vary significantly within Tennessee. Each county annually estimates its budget requirements for providing services and divides this by the total assessed value of all taxable properties within its jurisdiction to determine the property tax rate. While votes and laws influence the setting of tax rates and budgets, this is the essence of the annual process.
In Watertown, located in Smith County, the effective property tax rate is 0.43%. This rate is consistent with both the highest and lowest median tax rates in the area. When compared to the national median property tax rate of 1.02%, Watertown's rate is considerably lower, making it an attractive location for property owners seeking lower tax burdens. The median property tax bill in the U.S. is $2,400, suggesting that residents in Watertown could benefit from significantly reduced property tax expenses. This financial advantage can be a compelling reason for homeowners and potential buyers to consider Watertown as a desirable place to live, offering both affordability and the benefits of community services funded by these taxes.
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 Watertown Tax Rate
0.43%
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 Smith County Tax Rate
0.43%
Median Effective Tennessee Tax Rate
0.64%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Watertown, Smith County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37184 | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
Source: Ownwell
Property Tax Assessment Values Across Watertown, Smith County, Tennessee
When examining property taxes in Watertown, 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 Smith County Assessor's Office 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 Smith County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Watertown. For example, the median home price in Watertown is $142,650, with tax bills ranging significantly across the county. Zip code 37184 has the highest median home price at $142,650.
Property Tax Assessment Values Across Watertown, Smith County, Tennessee
Source: Ownwell
$115,000
$149,650
$184,300
Median Watertown Market Value
$142,650
Median Smith County Market Value
$164,300
Median Tennessee Market Value
$173,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Watertown, Smith County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37184 | $41,460 | $79,950 | $142,650 | $216,875 | $308,490 |
Source: Ownwell
Property Tax Bills Across Watertown, Smith County, Tennessee
Median Watertown Tax Bill
$616
Median Smith County Tax Bill
$769
Median Tennessee Tax Bill
$1,206
Median United States Tax Bill
$2,400
Property Tax Bills Across Watertown, Smith County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37184 | $179 | $346 | $616 | $936 | $1,337 |
Source: Ownwell