Philadelphia, Tennessee Property Taxes
The median property tax rate in Philadelphia, TN is 0.42%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Philadelphia at $101,700, the typical annual property tax bill is $429, well below the national median of $2,690. Property taxes in Philadelphia are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Philadelphia'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 Philadelphia 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
Philadelphia, 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 Philadelphia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Philadelphia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Philadelphia 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 Philadelphia, Tennessee
Property taxes in Philadelphia, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Philadelphia is 0.42%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Philadelphia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Philadelphia 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 Philadelphia's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37846 zip code has the highest median property tax rate of 0.42%, while the same zip code also has the lowest median tax rate of 0.42%. Understanding how these cities compare with Philadelphia provides valuable insights into the varying tax landscape across Meigs County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Philadelphia Tax Rate
0.42%
Average Meigs County Tax Rate
0.42%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Philadelphia, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37846 | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Philadelphia, Tennessee
In Philadelphia, 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 Meigs 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 Philadelphia, 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 Philadelphia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $429 in zip code 37846, while the lowest is also $429 in the same zip code.
Average Philadelphia Assessed Value
$101,700
Average Meigs County Assessed Value
$118,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Philadelphia, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37846 | $52,840 | $95,200 | $101,700 | $103,700 | $125,000 |
Source: Ownwell
Property Tax Bills Across Philadelphia, Tennessee
Property tax bills in Philadelphia are calculated based on the assessed value of a property, which is determined by local government assessors. In Meigs County, the median home price is $101,700. The tax rate is applied to this assessed value to determine the annual tax bill. Homeowners in the 25th percentile can expect a tax bill of around $402, while those in the 75th percentile might see bills closer to $438. At the 90th percentile, tax bills can go up to $528. Several factors influence the tax bill, including property size, location, and improvements. The resulting tax bill impacts homeowners by contributing to local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, the property tax rate in Meigs County is relatively moderate, making it an appealing area for homeowners looking for lower property tax obligations. Understanding these factors can help homeowners anticipate their annual expenses and manage their budgets more effectively.
Average Philadelphia Tax Bill
$429
Average Meigs County Tax Bill
$522
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Philadelphia, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37846 | $223 | $402 | $429 | $438 | $528 |
Source: Ownwell