A Guide to Navigating Local Property Tax in Knoxville TN
Homeowners need to understand the local property tax in Knoxville, TN. These taxes are crucial for funding essential city services like safety, parks, and transit.
Let’s break down the key information you need to know about Knoxville property taxes.
Knoxville Real Estate Market Watch
As of July 2023, Knoxville’s median home sales price was $395,000. However, trends and data can change over time. Please click here if you need assistance buying and selling homes in Knoxville.
What You Need to Know About Local Property Tax in Knoxville, TN
Payment Basics
Tax payments start every year on October 1st. They are due by March 1st. If your payment is late, you’ll have to pay a 1% penalty each month. But if you pay before October 31st, you get a 1% discount.
Ways to Pay
You can settle your taxes using personal checks or money orders. Property owners can also pay online, which includes credit card and checking account payments. Just remember, there might be extra charges for credit card payments.
You can either mail your payment or visit the Property Tax Office downtown. The Property Tax Office is in the City-County Building.
Receipts
If you require a receipt, enclose a self-addressed stamped envelope with your payment. Receipts are not standard, so you will need to ask for one.
Assessment Details
The Knox County Property Assessor handles assessment. Property taxes are 25% of the appraised value for residential properties.
Property Purchase
If you’re purchasing property, remember that tax prorating is a shared responsibility between the buyer and seller. Any unpaid taxes become the buyer’s responsibility. Seller agreements don’t affect the city’s tax collection process.
Common Mistakes to Avoid
- Don’t pay the full amount if you can get a discount, and don’t forget to apply the discount before October.
- Don’t just pay the basic tax amount if you owe extra fees.
- Check how much extra you owe before paying. Get the amounts right if you have multiple properties.
- Sign your check and add a copy of your bill for the right credit.
- Pay city taxes to the city and county taxes to the county.
- Pay late taxes separately from current year taxes.
Are You Ready to Pay your Knoxville Property Taxes?
Navigating property taxes in Knoxville can feel like a breeze when you have the right information. Follow these simple steps, and you’ll be well on your way to fulfilling your tax obligations.
Knoxville Home Team
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