Understanding Property Taxes in Knoxville, TN

One of the reasons so many people move to Knoxville is for affordable housing. The median home price in Knoxville is $330,000 at the time of writing. That is much lower than the national average. However, you must consider property taxes as part of your housing costs. Fortunately, property taxes are reasonable in Knoxville, TN.

Knoxville Real Estate Market Watch

As of June 2023, the median sale per square foot of homes in Knoxville was $214. However, real estate trends can change quickly. If you plan to buy or sell a home in West Knoxville, click here to contact us.

Paying Property Taxes in Knoxville TN

City Property Tax Rates

The City of Knoxville charges property taxes for every $100 of assessed value. As of this writing, the city property tax rate is $2.1556 for every $100 assessed value. That means if the assessed value is $100,000, your tax bill would be $2,155.60. However, it is important to note that this is the current tax rate, and it could change in the future.

County Property Tax Rates

Homeowners need to remember that there are Knox County property taxes as well as city property taxes. Like the city, Knox County charges taxes for every $100 assessed value. Homeowners in Knox County must pay $1.5540 per $100 in assessed value. Again, this is the current tax rate, it could also change for future tax years.

Assessed Property Value

The assessed value of the property determines your property tax bill. The Knox County Property Assessor handles tax assessments for the city and county. Property tax assessments are 25% of the property’s appraised value for tax purposes.

When to Pay Property Taxes

It is also essential to pay your taxes on time. Homeowners in Knoxville can pay their property taxes starting October 1 of the tax year. Taxes are late starting March 1 of the following year. There is a penalty of 1% for each month property taxes are late. Homeowners can also get a 1% discount on property taxes if they pay before October 31.

How to Pay Property Taxes

Homeowners in Knoxville have multiple options for paying property taxes. You can pay in person, by mail, or online. Read below for the relevant information.

· In Person: At the Property Tax Office in the City County Building. The address is 400 W Main Street, Suite 453.

· Online: Property taxes can also be paid online at this link.

· By Mail: Homeowners can mail payments to P.O. Box 15001, Knoxville, TN 37901-5001.

Are you ready to buy a home in West Knoxville? Click here to contact the Big Orange Press. We are local real estate experts ready to help you find your dream home. Reach out now to learn more about our services.

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