Somerville, Tipton County, Tennessee Property Taxes
Median Somerville, TN effective property tax rate: 0.88%, significantly lower than the national median of 1.02%, but higher than the Tennessee state median of 0.64%.
Median Somerville, TN home value: $176,100
Median annual Somerville, TN tax bill: $1,542, $858 lower than the national median property tax bill of $2,400.
How are property taxes in Tipton County calculated?
Property taxes in Somerville, 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 Somerville’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Somerville, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Somerville, Tipton County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.88%
Estimate Property Tax Bill
$1,550
$1,438
Property Tax Rates Across Somerville, Tipton County, Tennessee
Local government entities set tax rates, which can vary widely within Tennessee. 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.
Somerville in Tipton County has an effective property tax rate that is notably lower than the national median of 1.02%. When compared to other cities in Tennessee, Somerville's rate stands out as particularly favorable. The median property tax rate in Tennessee is lower than the national average, making it an attractive option for property owners.
This advantageous tax climate can result in significant savings for homeowners, especially when compared to the national median property tax bill of $2,400. Understanding these differences can be crucial for potential homeowners and real estate investors looking to maximize their investment in Tennessee.
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 Somerville Tax Rate
0.88%
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 Tipton County Tax Rate
0.51%
Median Effective Tennessee Tax Rate
0.64%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Somerville, Tipton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38068 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Somerville, Tipton County, Tennessee
When examining property taxes in Somerville, 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 Tipton 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 Tipton 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 Somerville. For example, the median home price in Somerville is $176,100, with tax bills ranging significantly across the county. 38068 has the highest median home price at $176,100.
Property Tax Assessment Values Across Somerville, Tipton County, Tennessee
Source: Ownwell
$83,900
$147,700
$211,500
Median Somerville Market Value
$176,100
Median Tipton County Market Value
$143,800
Median Tennessee Market Value
$173,500
Median United States Market Value
$235,294
Property Tax Assessment Values Across Somerville, Tipton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38068 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Somerville, Tipton County, Tennessee
In Somerville, Tennessee, property tax bills are calculated based on the assessed value of a home, which is determined by the Tipton County Assessor's office. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. With a median home price of $176,100, many homeowners in Somerville experience tax bills around $1,542, which is significantly lower than the national median property tax bill of $2,400. This relatively low tax bill can be attributed to the area's lower property values and tax rates compared to other regions.
Homeowners in Somerville can benefit from appealing their property tax assessments to ensure they are not overpaying. Ownwell offers expert property tax appeal services, helping homeowners navigate the complexities of the tax appeal process. By analyzing property assessments and market data, Ownwell can identify potential savings, providing homeowners with the opportunity to reduce their property tax bills and ease their financial burden.
Median Somerville Tax Bill
$1,542
Median Tipton County Tax Bill
$880
Median Tennessee Tax Bill
$1,206
Median United States Tax Bill
$2,400
Property Tax Bills Across Somerville, Tipton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38068 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell