Mercer, Tennessee Property Taxes
The median property tax rate in Mercer, TN is 0.78%, which is lower than the national median of 0.99% but higher than the Tennessee state median of 0.64%. With the median home value in Mercer, the typical annual property tax bill reaches $554, significantly below the national median of $2,690. Property taxes in Mercer 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 Mercer'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 Mercer 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
Mercer, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$545
Ownwell’s Mercer Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Mercer with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Mercer to provide an accurate property tax bill estimate. This insightful tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. 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 Mercer, Tennessee
Property taxes in Mercer, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mercer is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Mercer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mercer 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 Mercer’s effective property tax rate to other regions in Tennessee and the national median. For comparison, the zip code 38392 has the highest median property tax rate of 0.78%, while the lowest median tax rate is also 0.78% in the same zip code. Understanding how these areas compare with Mercer 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 Mercer Tax Rate
0.78%
Average Hardeman County Tax Rate
0.89%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mercer, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38392 | 0.67% | 0.75% | 0.78% | 0.85% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Mercer, Tennessee
In Mercer, 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 Mercer, 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 Mercer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38392 has both the highest and lowest median tax bill at $554.
Average Mercer Assessed Value
$69,900
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 Mercer, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38392 | $24,490 | $43,025 | $69,900 | $89,900 | $222,210 |
Source: Ownwell
Property Tax Bills Across Mercer, Tennessee
In Mercer, located in Hardeman County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. For homeowners in Mercer, the median home price is $69,900. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, its assessed value, and the applicable tax rate. In Mercer, the tax bills can vary significantly. For example, the 25th percentile tax bill is $382, while the 75th percentile is $681, and the 90th percentile can reach up to $1,632. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners in Mercer need to be aware of these factors as they significantly impact their annual financial planning and the overall affordability of owning a home in the region.
Average Mercer Tax Bill
$554
Average Hardeman County Tax Bill
$587
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mercer, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38392 | $239 | $382 | $554 | $681 | $1,632 |
Source: Ownwell