Mason, Tennessee Property Taxes
The median property tax rate in Mason, TN is 0.51%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Mason at $83,900, the typical annual property tax bill reaches $536, significantly less than the national median of $2,690. Property taxes in Mason 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 Mason'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 Mason 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
Mason, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$428
Ownwell’s Mason Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mason with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mason 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 Mason, Tennessee
Property taxes in Mason, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mason is 0.51%, significantly lower than the U.S. national median of 0.99%. Local government entities within Mason set these rates annually, and they can vary across different neighborhoods. Each year, Mason 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 Mason's effective property tax rate to other areas in Tipton County and the national median. For comparison, the zip code 38049 has both the highest and lowest median property tax rate of 0.51%. Understanding how these areas compare with Mason provides valuable insights into the varying tax landscape across Tipton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mason Tax Rate
0.51%
Average Tipton County Tax Rate
0.51%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mason, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38049 | 0.51% | 0.51% | 0.51% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Mason, Tennessee
In Mason, 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 Tipton 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 Mason, 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 Mason helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 38049, with a median bill of $536, which is the same as the lowest median tax bill in the same zip code.
Average Mason Assessed Value
$83,900
Average Tipton County Assessed Value
$143,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mason, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38049 | $13,900 | $48,200 | $83,900 | $118,100 | $201,500 |
Source: Ownwell
Property Tax Bills Across Mason, Tennessee
In Mason, TN, property tax bills are calculated based on the assessed value of your home, which is a percentage of the market value. The local tax rate is then applied to this assessed value to determine your annual property tax bill. For example, with a median home price of $83,900, the assessed value is calculated, and then the local tax rate is applied to this figure. Factors such as property improvements, neighborhood developments, and market trends can influence the assessed value, thereby affecting your tax bill. Homeowners in Mason can expect varying tax bills depending on the value of their property. The 25th percentile tax bill is around $273, while the 75th percentile reaches $852, and the 90th percentile can go up to $1,097. This range indicates that property taxes can significantly impact household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Mason Tax Bill
$536
Average Tipton County Tax Bill
$880
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mason, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38049 | $92 | $273 | $536 | $852 | $1,097 |
Source: Ownwell