Monterey, Tennessee Property Taxes
The median property tax rate in Monterey, TN is 0.48%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $89,150 in Monterey, the typical annual property tax bill is $426, far below the national median of $2,690. Property taxes in Monterey are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Monterey'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 Monterey or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monterey, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$428
Ownwell’s Monterey Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Monterey with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Monterey to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and make informed decisions. For those interested in more detailed insights, scroll down to explore localized trends. Your property’s assessed value is the value assigned by the county for property tax purposes, considering any applicable exemptions.
Property Tax Rates Across Monterey, Tennessee
Property taxes in Monterey, Tennessee, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monterey is 0.48%, which is lower than the U.S. national median of 0.99%. Local government entities within Monterey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monterey 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 Monterey's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38574 zip code has both the highest and lowest median property tax rates at 0.48%. Understanding how these cities compare with Monterey provides valuable insights into the varying tax landscape across Fentress County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monterey Tax Rate
0.48%
Average Fentress County Tax Rate
0.48%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monterey, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38574 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Monterey, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Monterey, Tennessee. 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 Fentress 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 Monterey, 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 Monterey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38574 in Monterey has both the highest and lowest median tax bill at $426.
Average Monterey Assessed Value
$89,150
Average Fentress County Assessed Value
$83,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monterey, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38574 | $25,900 | $48,450 | $89,150 | $150,475 | $222,920 |
Source: Ownwell
Property Tax Bills Across Monterey, Tennessee
In Monterey, Tennessee, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Monterey is $89,150. Property taxes are influenced by local tax rates and the assessed value of the home. For instance, in Fentress County, where Monterey is located, the median tax bill is $426.00, which is significantly lower than the national median property tax rate of 0.99%. Homeowners in Monterey can expect their tax bills to vary, with the 25th percentile tax bill around $231 and the 75th percentile reaching $750. The 90th percentile tax bill can go up to $1065. These figures illustrate how property taxes can significantly impact homeowners, as they need to account for these costs in their annual budgets. Lower property tax rates can make homeownership more affordable, while higher rates might require more financial planning.
Average Monterey Tax Bill
$426
Average Fentress County Tax Bill
$401
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Monterey, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38574 | $124 | $231 | $426 | $750 | $1,065 |
Source: Ownwell