Indian Mound, Tennessee Property Taxes
The median property tax rate in Indian Mound, TN is 0.75%, which is lower than the national median of 0.99% but higher than Tennessee's state median of 0.64%. With a median home value of $134,500 in Indian Mound, the typical annual property tax bill amounts to $982, falling below the national median of $2,690. Property taxes in Indian Mound are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Indian Mound'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 Indian Mound or another part of Montgomery County, a thorough grasp of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Indian Mound, 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 Indian Mound Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Indian Mound with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Indian Mound 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 Indian Mound, Tennessee
Property taxes in Indian Mound, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Indian Mound is 0.75%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Indian Mound set these rates annually, and they can vary significantly across different neighborhoods. Each year, Indian Mound 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 Indian Mound's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37079 zip code has the highest median property tax rate of 0.75%, while the 37079 zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Indian Mound provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Indian Mound Tax Rate
0.75%
Average Montgomery County Tax Rate
1.05%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Indian Mound, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37079 | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Indian Mound, Tennessee
In Indian Mound, 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 Montgomery County Assessor's Office 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. Being aware of these valuation processes in Indian Mound helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Indian Mound, the median home price is $134,500, with tax bills ranging from $698 at the 25th percentile to $2,455 at the 90th percentile. The zip code 37079 has both the highest and lowest median tax bill at $982.
Property Tax Assessment Values Across Indian Mound, Tennessee
Source: Ownwell
$134,500
$308,700
$482,900
Average Indian Mound Assessed Value
$134,500
Average Montgomery County Assessed Value
$172,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Indian Mound, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37079 | $61,480 | $93,450 | $134,500 | $243,100 | $344,265 |
Source: Ownwell
Property Tax Bills Across Indian Mound, Tennessee
In Indian Mound, Montgomery County, TN, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. For instance, with a median home price of $134,500, the tax bill can vary significantly depending on several factors such as property location and specific assessments. The median property tax rate in this area is relatively lower compared to the national median of 0.99%. Tax bills in Indian Mound typically range from $698 at the 25th percentile to $1,698 at the 75th percentile, with the 90th percentile reaching as high as $2,455. Homeowners in the zip code 37079, which holds the highest and lowest median tax bills at $982, can expect their bills to be influenced by the precise valuation of their property. These tax rates directly impact homeowners by determining the annual amount they must pay, affecting their overall financial planning and the affordability of homeownership in the region.
Average Indian Mound Tax Bill
$982
Average Montgomery County Tax Bill
$1,610
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Indian Mound, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37079 | $453 | $698 | $982 | $1,698 | $2,455 |
Source: Ownwell