This post addresses a fundamental question: does Farragut, TN, have city property taxes?
Property taxes can vary greatly and substantially add to your housing expenses, especially if your property falls under city and county tax jurisdictions.
If Farragut, Tennessee, is on your list of potential new homes, it’s crucial to understand property taxes and what they do cover. Read on to find out more.
In Farragut, residents are exempt from a municipal property tax. Instead, they are subject to the Knox County property tax.
For instance, if you own a residential property valued at $500,000, the assessed value would be 25% of that, or $125,000. The property tax would be $2.12 per $100 of the estimated value, amounting to approximately $2,650 annually.
One crucial aspect to consider when moving to Farragut, Tennessee, is that fire protection services are not part of property taxes. This often surprises new residents, as it’s a departure from what’s typically covered by property taxes in many other areas.
Rural Metro Fire, a private company, provides these services under a subscription-based model. Farragut residents must pay for this subscription separately and annually if they opt to get coverage. With this coverage, residents could avoid a substantial bill in a fire.
Potential residents should consider this unique arrangement in their budget when considering a move to Farragut.
Another important consideration for potential Farragut residents is that trash pickup and recycling services are part of the property tax bill. This aspect of living in Farragut differs from many other areas.
Residents can choose from several trash providers in the Farragut area and compare prices. It’s recommended that residents do their research to compare prices and understand what is included in the pickup service.
For example, some services may include bulk pickups, while others do not. Understanding these details can help residents choose the best service for their needs and budget.
While there’s no municipal property tax, residents in Farragut pay the Knox County property tax and must separately arrange and pay for services like fire protection and trash pickup, which are often covered by property taxes elsewhere. Knoxville Home Team is here to guide you through these considerations as you navigate the local real estate market. Stay tuned for more content coming soon.
Also Read: What Is It Like To Live In Farragut, TN?
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