Palmer, Tennessee Property Taxes
The median property tax rate in Palmer, 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 Palmer at $75,500, the typical annual property tax bill is $529, significantly below the national median of $2,690. Property taxes in Palmer are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Palmer'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 Palmer 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
Palmer, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$589
Ownwell’s Palmer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palmer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmer 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 Palmer, Tennessee
Property taxes in Palmer, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmer is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Palmer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmer 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 Palmer's effective property tax rate to other areas in Sequatchie County and the national median. For comparison, the zip code 37365 has the highest median property tax rate of 0.78%, while the same zip code also has the lowest median tax rate of 0.78%. Understanding how these areas compare with Palmer 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 Palmer Tax Rate
0.78%
Average Sequatchie County Tax Rate
0.80%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palmer, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37365 | 0.64% | 0.71% | 0.78% | 0.83% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Palmer, Tennessee
In Palmer, 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 Sequatchie 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 Palmer, 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 Palmer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 37365, with a median tax bill of $529.
Average Palmer Assessed Value
$75,500
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 Palmer, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37365 | $24,340 | $47,600 | $75,500 | $95,500 | $128,380 |
Source: Ownwell
Property Tax Bills Across Palmer, Tennessee
In Palmer, located in Sequatchie County, TN, property tax bills are calculated based on the assessed value of a home, which is a fraction of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $75,500, homeowners can expect a range of property tax bills. The 25th percentile tax bill is around $408, while the 75th percentile reaches up to $720, and the 90th percentile can be as high as $1,007. Several factors influence these amounts, including the home's market value, local assessment ratios, and the specific tax rate applied by the county. Compared to the national median property tax rate of 0.99%, homeowners in Palmer might find their tax bills to be relatively moderate. Understanding these elements is crucial for homeowners, as property taxes directly impact their annual financial planning and overall cost of homeownership.
Average Palmer Tax Bill
$529
Average Sequatchie County Tax Bill
$939
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmer, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37365 | $186 | $408 | $529 | $720 | $1,007 |
Source: Ownwell