Mcminnville, Tennessee Property Taxes
The median property tax rate in McMinnville, TN is 0.85%, which is lower than the national median of 0.99% but higher than the Tennessee state median of 0.64%. With a median home value in McMinnville of $68,100, the typical annual property tax bill amounts to $659, falling below the national median of $2,690. Property taxes in McMinnville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding McMinnville'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 McMinnville 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
Mcminnville, 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 McMinnville Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in McMinnville using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in McMinnville to provide an estimate of 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 Mcminnville, Tennessee
Property taxes in McMinnville, Tennessee, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in McMinnville is 0.85%, which is slightly below the U.S. national median of 0.99%. Local government entities within McMinnville set these rates annually, and they can vary significantly across different neighborhoods. Each year, McMinnville 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 McMinnville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37110 zip code has both the highest and lowest median property tax rate of 0.85%. Understanding how these cities compare with McMinnville provides valuable insights into the varying tax landscape across Sequatchie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mcminnville Tax Rate
0.85%
Average Sequatchie County Tax Rate
0.80%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mcminnville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37110 | 0.74% | 0.82% | 0.85% | 1.04% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Mcminnville, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in McMinnville, 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. 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 McMinnville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in McMinnville is $68,100, with tax bills ranging from $414 at the 25th percentile to $1,054 at the 90th percentile. Notably, the zip code 37110 has both the highest and lowest median tax bills, each at $659.
Average Mcminnville Assessed Value
$68,100
Average Sequatchie County Assessed Value
$109,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mcminnville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37110 | $34,680 | $39,900 | $68,100 | $77,700 | $132,900 |
Source: Ownwell
Property Tax Bills Across Mcminnville, Tennessee
In McMinnville, 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 typically a percentage of the property's market value. Homeowners in McMinnville can expect their tax bills to vary significantly, with the 25th percentile tax bill around $414 and the 75th percentile reaching $866. For those at the higher end, the 90th percentile tax bill can climb to $1,054. The property tax rate in McMinnville is influenced by various factors, including the home's market value and local government budgetary needs. With a median home price of $68,100, the tax burden can represent a substantial portion of a homeowner's annual expenses. Compared to the national median property tax rate of 0.99%, McMinnville's rates are relatively modest, but they still play a crucial role in funding essential public services like schools, infrastructure, and emergency services. Homeowners need to be aware of these factors as they can significantly impact their overall financial planning.
Average Mcminnville Tax Bill
$659
Average Sequatchie County Tax Bill
$939
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mcminnville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37110 | $319 | $414 | $659 | $866 | $1,054 |
Source: Ownwell