Pall Mall, Tennessee Property Taxes
The median property tax rate in Pall Mall, TN is 0.48%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Pall Mall at $77,100, the typical annual property tax bill is $367, well below the national median of $2,690. Property taxes in Pall Mall are calculated based on the tax assessed value, which is generally less than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Pall Mall'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 Pall Mall or another part of Fentress County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pall Mall, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$370
Ownwell's Pall Mall Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Pall Mall with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pall Mall to provide an estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Pall Mall, Tennessee
Property taxes in Pall Mall, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pall Mall is 0.48%, which is lower than the U.S. national median of 0.99%. Local government entities within Pall Mall set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pall Mall 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 Pall Mall's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38577 has both the highest and lowest median property tax rate of 0.48%. Understanding how these areas compare with Pall Mall provides valuable insights into the varying tax landscape across Fentress County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pall Mall Tax Rate
0.48%
Average Fentress County Tax Rate
0.48%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pall Mall, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38577 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Pall Mall, Tennessee
In Pall Mall, 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 Fentress 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 Pall Mall, 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 Pall Mall helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Pall Mall is $77,100. The highest median tax bill is $367 in the 38577 zip code, which is also where the lowest median tax bill is recorded.
Average Pall Mall Assessed Value
$77,100
Average Fentress County Assessed Value
$83,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pall Mall, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38577 | $23,320 | $42,750 | $77,100 | $139,200 | $207,000 |
Source: Ownwell
Property Tax Bills Across Pall Mall, Tennessee
In Pall Mall, located in Fentress County, TN, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the home's market value. For example, if a home has a market value of $77,100, the assessed value is determined based on local assessment ratios. The tax rate is then applied to this assessed value to determine the annual property tax bill. Homeowners in Pall Mall can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $201, while at the 75th percentile, they can reach $667. For those at the 90th percentile, tax bills can be as high as $996. The median tax bill in the area is $367, which is relatively low compared to the national median property tax rate of 0.99%. These tax bills impact homeowners by influencing their annual housing costs and, consequently, their overall financial planning and budgeting.
Average Pall Mall Tax Bill
$367
Average Fentress County Tax Bill
$401
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Pall Mall, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38577 | $111 | $201 | $367 | $667 | $996 |
Source: Ownwell