Medon, Tennessee Property Taxes
The median property tax rate in Medon, TN is 0.83%, higher than the state median of 0.64% but lower than the national median of 0.99%. With a median home value of $58,700 in Medon, the typical annual property tax bill amounts to $490, which is below the national median of $2,690. Property taxes in Medon are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Medon'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 Medon 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
Medon, 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 Medon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medon 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 Medon, Tennessee
Property taxes in Medon, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medon is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Medon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medon 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 Medon's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38356 zip code has the highest median property tax rate of 0.83%, while the lowest median tax rate is also 0.83%. Understanding how these cities compare with Medon provides valuable insights into the varying tax landscape across Hardeman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medon Tax Rate
0.83%
Average Hardeman County Tax Rate
0.89%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medon, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38356 | 0.69% | 0.73% | 0.83% | 1.05% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Medon, Tennessee
In Medon, 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 Hardeman 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 Medon, 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. The median home price in Medon is $58,700, with tax bills ranging from $293 at the 25th percentile to $1,256 at the 90th percentile. The zip code 38356 has both the highest and lowest median tax bill at $490. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Medon Assessed Value
$58,700
Average Hardeman County Assessed Value
$64,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medon, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38356 | $13,190 | $26,650 | $58,700 | $107,950 | $178,940 |
Source: Ownwell
Property Tax Bills Across Medon, Tennessee
In Medon, Hardeman County, TN, property tax bills are determined by assessing the market value of a home and applying the local tax rate to that value. The median home price in Medon is $58,700. Homeowners here see a range of property tax bills depending on the value of their property and the specific tax rate applied. For instance, the 25th percentile tax bill is $293, while the 75th percentile tax bill is $799, and the 90th percentile tax bill reaches $1,256. The highest and lowest median tax bills in the area both stand at $490, which indicates a level of consistency in tax assessments within the zip code 38356. Compared to the national median property tax rate of 0.99%, Medon's tax rates offer a relatively predictable and manageable expense for homeowners. Understanding how these factors influence your property tax bill can help you better anticipate and plan for this annual obligation.
Average Medon Tax Bill
$490
Average Hardeman County Tax Bill
$587
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Medon, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38356 | $193 | $293 | $490 | $799 | $1,256 |
Source: Ownwell