Let's see.....City taxes are $2.46 per $100 of assessed value. County taxes are $2.36 per $100 of assessed value. Together we get $4.82 per $100 of assessed value.
Residential property is assessed at 25 percent of the appraised value and taxes are levied on each $100 of assessed value.
So, if you have a house that has an appraised value (done by the tax assessor not an appraisal firm) of $100,000 then your taxes would be based on 25% of that which would be $25,000.
You can go at it several ways but:
$25,000 X 4.82 divided by 100 equals $1205.00 if you live in the city (City residents pay both city & county tax)
$25,000 x 2.36 divided by 100 equals $590.00.
There are always arguments whether to live in the city or county to escape paying city taxes. In the city, fire, police, trash, etc. are included in your taxes. If you live in the county you either haul your trash to a service center or pay a company to pick it up. You also must pay a subscription (usually based on square footage) for fire protection. Police service is provided by the county Sheriff. Public schools are paid out of taxes no matter where you live.
Hope this helps.
REALTORÂ®, Broker, e-PRO,GRI
Hop Bailey Co.
310 Forest Park Blvd
Knoxville, TN 37919
"The Extra Mile Is Never Extra"
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