Palmersville, Tennessee Property Taxes
The median property tax rate in Palmersville, TN is 0.49%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $74,450, the typical annual property tax bill in Palmersville amounts to $367, which is well below the national median of $2,690. Property taxes in Palmersville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Palmersville'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 Palmersville or another part of Weakley County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Palmersville, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$365
Ownwell’s Palmersville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palmersville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmersville 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 Palmersville, Tennessee
Property taxes in Palmersville, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmersville is 0.49%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Palmersville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmersville 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 Palmersville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38241 zip code has the highest median property tax rate of 0.49%, while the same zip code also has the lowest median tax rate of 0.49%. Understanding how these cities compare with Palmersville provides valuable insights into the varying tax landscape across Weakley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palmersville Tax Rate
0.49%
Average Weakley County Tax Rate
0.49%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palmersville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38241 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Palmersville, Tennessee
In Palmersville, 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 Weakley 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. Being aware of these valuation processes in Palmersville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38241 has the highest and lowest median tax bill, both at $367.
Average Palmersville Assessed Value
$74,450
Average Weakley County Assessed Value
$76,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palmersville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38241 | $23,710 | $43,925 | $74,450 | $117,500 | $210,350 |
Source: Ownwell
Property Tax Bills Across Palmersville, Tennessee
In Palmersville, located in Weakley County, TN, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the local tax assessor and is a percentage of the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners in Palmersville, understanding these factors is crucial, as they directly impact the amount owed. The median home price in this area is $74,450, which provides a baseline for understanding potential tax obligations. Tax bills in Palmersville vary, with the 25th percentile at $218 and the 75th percentile at $578. At the higher end, the 90th percentile tax bill reaches $982. Compared to the national median property tax rate of 0.99%, Palmersville's rates can be considered relatively moderate, offering some relief to homeowners while still supporting local services and infrastructure.
Average Palmersville Tax Bill
$367
Average Weakley County Tax Bill
$523
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmersville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38241 | $117 | $218 | $367 | $578 | $982 |
Source: Ownwell