Property taxes in Sumner County are calculated utilizing the following four components:
- APPRAISED VALUE
- ASSESSMENT RATIO
- ASSESSED VALUE
- TAX RATE
The APPRAISED VALUE for each taxable property in a county is determined by the county assessor of property.
The ASSESSMENT RATIO for the different classes of property is established by state law (residential and farm @ 25% of appraised value, commercial/industrial @ 40% of appraised value).
The ASSESSED VALUE is calculated by multiplying the appraised value by the assessment ratio.
The TAX RATE for Sumner county is set by the county commission based on the amount of monies budgeted to fund the provided services. These tax rates vary depending on the level of services provided and the total value of the county's tax base. Each city may have a tax rate set as well as special assessments. If you live in the city limits you should contact them concerning special assessment information.
To calculate the tax on your property, assume you have a house with an APPRAISED VALUE of $200,000. The ASSESSED VALUE is $50,000 (25% of $200,000), and the TAX RATE has been set by your county commission at $2.262 per hundred of assessed value. To figure the tax simply multiply the assessed value ($50,000) by the tax rate (2.262 per hundred dollars assessed).
$50,000 / 100 = 250 x $2.262 = $1,131.00 (rounded)
($25,000 x .02262 = $1,131.00)
for a tax bill of $1,131.00