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.
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.
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.
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.
The Knox County Property Assessor handles assessment. Property taxes are 25% of the appraised value for residential properties.
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.
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.
Are you considering buying or selling a home in the Knoxville area? We’d love to help you! Please click here for our contact page, and we’ll reach out to you promptly.
Would you like to see more great info from the Knoxville Home Team? Please click here for our blog page.
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