Philadelphia, Tennessee Property Taxes
The median property tax rate in Philadelphia, TN is 0.56%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Philadelphia, the typical annual property tax bill reaches $382, significantly below the national median of $2,690. Property taxes in Philadelphia are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Philadelphia's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Philadelphia 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
Philadelphia, 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 Philadelphia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Philadelphia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Philadelphia 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 Philadelphia, Tennessee
Property taxes in Philadelphia, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Philadelphia is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Philadelphia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Philadelphia 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 Philadelphia's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37846 has both the highest and lowest median property tax rate of 0.56%. Understanding how these cities compare with Philadelphia provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Philadelphia Tax Rate
0.56%
Average Monroe County Tax Rate
0.56%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Philadelphia, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37846 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Philadelphia, Tennessee
In Philadelphia, 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 Monroe 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. 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. In Monroe County, the median home price is $68,300, with tax bills ranging from $195 at the 25th percentile to $1,311 at the 90th percentile. The zip code with the highest and lowest median tax bill is 37846, both at $382. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Philadelphia Assessed Value
$68,300
Average Monroe County Assessed Value
$118,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Philadelphia, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37846 | $21,410 | $34,925 | $68,300 | $150,375 | $231,780 |
Source: Ownwell
Property Tax Bills Across Philadelphia, Tennessee
In Philadelphia, Monroe County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in this area is $68,300. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $195 and the 75th percentile reaching $843. For those in the 90th percentile, the tax bill can go up to $1,311. These tax bills are influenced by several factors, including the property's location, its assessed value, and the local tax rate. The highest median tax bill in Monroe County is $382, found in the 37846 zip code, which also happens to be the lowest. Compared to the national median property tax rate of 0.99%, Philadelphia's rates can provide significant savings for homeowners. Understanding these factors helps homeowners plan their finances better and anticipate their property tax obligations.
Average Philadelphia Tax Bill
$382
Average Monroe County Tax Bill
$742
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Philadelphia, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37846 | $120 | $195 | $382 | $843 | $1,311 |
Source: Ownwell