Cordova, Tennessee Property Taxes
The median property tax rate in Cordova, TN is 1.52%, considerably higher than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Cordova at $216,600, the typical annual property tax bill reaches $2,560, which is just below the national median of $2,690. Property taxes in Cordova 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 Cordova'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 Cordova 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
Cordova, 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 Cordova Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cordova with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cordova 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 Cordova, Tennessee
Property taxes in Cordova, Tennessee, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Cordova is 1.52%, higher than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Cordova set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cordova 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 Cordova's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 38016 zip code has the highest median property tax rate of 1.52%, while the 38018 zip code has the lowest median tax rate of 0.85%. Understanding how these areas compare with Cordova provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Cordova Tax Rate
1.52%
Average Shelby County Tax Rate
1.52%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cordova, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38016 | 0.85% | 0.85% | 1.52% | 1.52% | 1.52% |
| 38018 | 0.85% | 0.85% | 0.85% | 1.52% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Cordova, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cordova, 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 Shelby County Assessor of Property 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 Cordova, 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. The median home price in Cordova is $216,600, with tax bills ranging from $1,907 at the 25th percentile to $3,987 at the 90th percentile. The highest median tax bill is $2,734 in the 38016 zip code, while the lowest is $2,388 in the 38018 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cordova Assessed Value
$216,600
Average Shelby County Assessed Value
$147,100
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cordova, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38016 | $147,100 | $179,600 | $220,600 | $254,200 | $297,360 |
| 38018 | $151,500 | $171,900 | $209,800 | $261,600 | $329,900 |
Source: Ownwell
Property Tax Bills Across Cordova, Tennessee
In Cordova, located in Shelby County, TN, property tax bills are calculated based on the assessed value of the property. The assessed value is typically a percentage of the market value, which is determined by the county assessor. Homeowners in Cordova experience property tax bills that reflect both the value of their property and the local tax rate. For instance, the median home price in Cordova is $216,600, and the property tax bills can vary significantly. The 25th percentile tax bill is around $1,907, while the 75th percentile tax bill can reach up to $3,382. At the 90th percentile, homeowners may see tax bills as high as $3,987. The highest median tax bill in Cordova is $2,734 in the 38016 zip code, whereas the lowest median tax bill is $2,388 in the 38018 zip code. These figures indicate that while Cordova's property tax rates are competitive, they can still impact homeowners' financial planning, especially when compared to the national median property tax rate of 0.99%.
Average Cordova Tax Bill
$2,560
Average Shelby County Tax Bill
$1,907
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Cordova, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38016 | $1,703 | $2,039 | $2,734 | $3,548 | $4,098 |
| 38018 | $1,352 | $1,620 | $2,388 | $3,101 | $3,807 |
Source: Ownwell