Ten Mile, Tennessee Property Taxes
The median property tax rate in Ten Mile, 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 Ten Mile, the typical annual property tax bill reaches $640, well below the national median of $2,690. Property taxes in Ten Mile 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 Ten Mile'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 Ten Mile or another part of Meigs County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ten Mile, 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 Ten Mile Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ten Mile with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ten Mile 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 Ten Mile, Tennessee
Property taxes in Ten Mile, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ten Mile is 0.42%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Ten Mile set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ten Mile 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 Ten Mile's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37880 zip code has both the highest and the lowest median property tax rate of 0.42%. Understanding how these cities compare with Ten Mile 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 Ten Mile 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 Ten Mile, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37880 | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Ten Mile, Tennessee
In Ten Mile, 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 Ten Mile, 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. The median home price in Ten Mile stands at $149,650. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the zip code 37880 has the highest and lowest median tax bill at $640. Being aware of these valuation processes in Ten Mile helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ten Mile Assessed Value
$149,650
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 Ten Mile, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37880 | $24,310 | $58,675 | $149,650 | $285,575 | $449,500 |
Source: Ownwell
Property Tax Bills Across Ten Mile, Tennessee
In Ten Mile, located in Meigs County, TN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. For instance, if the median home price is $149,650, the assessed value will be a fraction of this amount. The local tax rate is then applied to this assessed value to calculate the tax bill. Several factors influence the tax bill, including the property's location within the county, any applicable exemptions, and the specific tax rates set by local authorities. For homeowners in Ten Mile, the tax burden can vary significantly. For example, tax bills can range from the 25th percentile at $250 to the 90th percentile at $1,951. This variation highlights the importance of understanding how local assessments and rates impact individual tax liabilities. Compared to the national median property tax rate of 0.99%, homeowners in Ten Mile experience a wide range of tax bills, reflecting the diverse property values and local tax policies.
Average Ten Mile Tax Bill
$640
Average Meigs County Tax Bill
$522
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Ten Mile, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37880 | $105 | $250 | $640 | $1,222 | $1,951 |
Source: Ownwell