Mt Pleasant, Tennessee Property Taxes
The median property tax rate in MT PLEASANT, TN is 0.48%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in MT PLEASANT at $35,800, the typical annual property tax bill is approximately $201, far below the national median of $2,690. Property taxes in MT PLEASANT are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding MT PLEASANT'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 MT PLEASANT 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
Mt Pleasant, 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 MT PLEASANT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MT PLEASANT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MT PLEASANT 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 Mt Pleasant, Tennessee
Property taxes in Mt. Pleasant, Tennessee, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Mt. Pleasant is 0.48%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Mt. Pleasant set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mt. Pleasant 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 Mt. Pleasant's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38461 has the highest median property tax rate of 0.48%, while the zip code 38474 has the lowest median tax rate of 0.48%. Understanding how these areas compare with Mt. Pleasant provides valuable insights into the varying tax landscape across Maury County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mt Pleasant Tax Rate
0.48%
Average Maury County Tax Rate
0.66%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mt Pleasant, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38461 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
| 38474 | 0.48% | 0.48% | 0.48% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Mt Pleasant, Tennessee
In MT PLEASANT, 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 Maury 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 MT PLEASANT, 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 MT PLEASANT helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, in the zip code 38474, the median tax bill is $200, which can provide a benchmark for evaluating individual tax obligations.
Average Mt Pleasant Assessed Value
$35,800
Average Maury County Assessed Value
$247,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mt Pleasant, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38461 | $20,500 | $20,500 | $20,500 | $20,500 | $20,500 |
| 38474 | $15,350 | $21,725 | $35,600 | $57,200 | $108,450 |
Source: Ownwell
Property Tax Bills Across Mt Pleasant, Tennessee
In MT PLEASANT, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate, also known as the millage rate, is then applied to this assessed value to determine the tax bill. Factors considered in determining the tax bill include the property's location, size, and any improvements made. Homeowners in MT PLEASANT, Maury County, can expect property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $142, while the 75th percentile tax bill is approximately $331. The 90th percentile tax bill can reach up to $538. This variation highlights how different property characteristics and valuations can impact the amount owed. Compared to the national median property tax rate of 0.99%, MT PLEASANT offers relatively affordable property taxes, which can be a significant advantage for homeowners looking to manage their housing costs effectively.
Average Mt Pleasant Tax Bill
$201
Average Maury County Tax Bill
$1,525
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mt Pleasant, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38461 | $98 | $98 | $98 | $98 | $98 |
| 38474 | $94 | $143 | $200 | $326 | $541 |
Source: Ownwell