Millington, Tennessee Property Taxes
The median property tax rate in Millington, 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 of $144,200 in Millington, the typical annual property tax bill amounts to $1,527, falling below the national median of $2,690. Property taxes in Millington are calculated based on the tax assessed value, generally lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Millington'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 Millington or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Millington, 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 Millington Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Millington with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Millington to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by Shelby County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Millington, Tennessee
Property taxes in Millington, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millington is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Millington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millington 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 Millington's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38053 zip code has the highest median property tax rate of 0.85%, while the same 38053 zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Millington provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millington Tax Rate
0.85%
Average Shelby County Tax Rate
1.52%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millington, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38053 | 0.85% | 0.85% | 0.85% | 1.20% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Millington, Tennessee
In Millington, 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 Shelby 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. 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 Millington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $1,527 in the 38053 zip code.
Average Millington Assessed Value
$144,200
Average Shelby County Assessed Value
$147,100
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Millington, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38053 | $64,700 | $104,950 | $144,200 | $226,200 | $309,240 |
Source: Ownwell
Property Tax Bills Across Millington, Tennessee
Property tax bills in Millington, located in Shelby County, TN, are determined based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which is then multiplied by the tax rate set by local taxing authorities. In Millington, the median home price is $144,200. Homeowners can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $969, whereas the 75th percentile tax bill is $2,247, and the 90th percentile tax bill reaches $2,981. These tax bills are influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Millington's property tax bills reflect a range that can impact homeowners differently based on their property's assessed value. The highest median tax bill in the area is $1,527, found in the 38053 zip code, illustrating the variability within the region. Understanding these factors helps homeowners anticipate their annual property tax obligations.
Average Millington Tax Bill
$1,527
Average Shelby County Tax Bill
$1,907
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Millington, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38053 | $628 | $969 | $1,527 | $2,247 | $2,981 |
Source: Ownwell