Mc Kenzie, Tennessee Property Taxes
The median property tax rate in McKenzie, TN is 0.47%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in McKenzie at $107,400, the typical annual property tax bill reaches $508, significantly below the national median of $2,690. Property taxes in McKenzie 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 McKenzie'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 McKenzie 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
Mc Kenzie, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$505
Ownwell’s MC KENZIE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC KENZIE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC KENZIE 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 Mc Kenzie, Tennessee
Property taxes in MC KENZIE, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MC KENZIE is 0.47%, significantly lower than the U.S. national median of 0.99%. Local government entities within MC KENZIE set these rates annually, and they can vary significantly across different neighborhoods. Each year, MC KENZIE 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 MC KENZIE's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 38201 has the highest median property tax rate of 0.47%, while the same zip code also has the lowest median tax rate of 0.47%. Understanding how these areas compare with MC KENZIE provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Mc Kenzie Tax Rate
0.47%
Average Henry County Tax Rate
0.47%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Kenzie, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38201 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Mc Kenzie, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in McKenzie, Tennessee. 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 local 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 McKenzie, 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 McKenzie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38201 has the highest and lowest median tax bill at $508.
Average Mc Kenzie Assessed Value
$107,400
Average Henry County Assessed Value
$86,700
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Kenzie, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38201 | $47,640 | $74,550 | $107,400 | $151,850 | $224,040 |
Source: Ownwell
Property Tax Bills Across Mc Kenzie, Tennessee
In McKenzie, located in Henry County, TN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in McKenzie stands at $107,400. Property taxes are determined by multiplying the assessed value by the local tax rate. For example, homeowners in the 25th percentile pay an annual tax bill of approximately $353, while those in the 75th percentile see bills around $719. At the 90th percentile, the tax bill can reach up to $1,060. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, McKenzie's tax rates are relatively modest, making it a potentially attractive area for homeowners looking for lower tax burdens. Understanding these calculations helps homeowners anticipate their annual expenses and plan their finances more effectively.
Average Mc Kenzie Tax Bill
$508
Average Henry County Tax Bill
$449
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Kenzie, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38201 | $225 | $353 | $508 | $719 | $1,060 |
Source: Ownwell