Millington, Tennessee Property Taxes
The median property tax rate in Millington, TN is 0.51%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $142,950 in Millington, the typical annual property tax bill is approximately $734, well below the national median of $2,690. Property taxes in Millington are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Millington'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 Millington or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Millington, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$729
Ownwell’s Millington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millington 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 Millington, Tennessee
Property taxes in Millington, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millington is 0.51%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Millington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millington 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 Millington's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 38053 zip code has both the highest and lowest median property tax rate of 0.51%. Understanding how these areas compare with Millington 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 Millington 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 Millington, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38053 | 0.51% | 0.51% | 0.51% | 0.51% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Millington, Tennessee
In Millington, 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 Millington, 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 Millington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Millington are both $734 in the 38053 zip code, reflecting a consistent tax environment across the region.
Average Millington Assessed Value
$142,950
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 Millington, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38053 | $18,900 | $77,175 | $142,950 | $194,450 | $253,920 |
Source: Ownwell
Property Tax Bills Across Millington, Tennessee
In Millington, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local property tax rate is then applied to this assessed value. For instance, with a median home price of $142,950, the tax bill can vary significantly. The 25th percentile tax bill is around $398, while the 75th percentile reaches $1,112, and the 90th percentile goes up to $1,467. The highest and lowest median tax bills in the area are both $734, located in the 38053 zip code. Several factors influence these calculations, including the home's market value, assessment ratio, and the local tax rate. These elements collectively determine the final tax bill, impacting homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, Millington's tax rates can offer some relief or additional burden depending on the specific assessed value and tax rate applied. This variability underscores the importance of understanding local property tax regulations and their implications on homeowners' finances.
Average Millington Tax Bill
$734
Average Tipton County Tax Bill
$880
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Millington, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38053 | $103 | $398 | $734 | $1,112 | $1,467 |
Source: Ownwell