Pelham, Tennessee Property Taxes
The median property tax rate in Pelham, TN is 0.58%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Pelham at $67,200, the typical annual property tax bill is $392, well below the national median of $2,690. Property taxes in Pelham are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Pelham's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Pelham or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pelham, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Pelham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pelham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pelham to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Pelham, Tennessee
Property taxes in Pelham, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pelham is 0.58%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Pelham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pelham estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Pelham's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37366 zip code has both the highest and lowest median property tax rate of 0.58%. Understanding how these cities compare with Pelham provides valuable insights into the varying tax landscape across Coffee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pelham Tax Rate
0.58%
Average Coffee County Tax Rate
0.59%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pelham, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37366 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Pelham, Tennessee
In Pelham, Tennessee, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Coffee County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Pelham, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Pelham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 37366 has both the highest and lowest median tax bill, at $392, reflecting the uniformity in tax assessments within the area.
Average Pelham Assessed Value
$67,200
Average Coffee County Assessed Value
$105,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pelham, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37366 | $67,200 | $67,200 | $67,200 | $67,200 | $67,200 |
Source: Ownwell
Property Tax Bills Across Pelham, Tennessee
Property tax bills in Pelham, located in Coffee County, TN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the property's market value. In Pelham, the median home price is $67,200. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property improvements, changes in market conditions, and local government budget requirements. Homeowners in Pelham experience a relatively consistent tax bill, with the 25th, 75th, and 90th percentiles all at $392. This uniformity is unique compared to the national median property tax rate of 0.99%, highlighting the stability in this region. For Pelham homeowners, understanding these factors is crucial as it affects their annual financial planning. A stable tax rate can provide predictability, making it easier to manage household budgets and plan for future expenses.
Average Pelham Tax Bill
$392
Average Coffee County Tax Bill
$805
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Pelham, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37366 | $392 | $392 | $392 | $392 | $392 |
Source: Ownwell