Milton, Tennessee Property Taxes
The median property tax rate in Milton, TN is 0.48%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Milton, the typical annual property tax bill reaches $1,351, significantly below the national median of $2,690. Property taxes in Milton 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 Milton'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 Milton 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
Milton, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$1,359
Ownwell’s Milton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milton 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 Milton, Tennessee
Property taxes in Milton, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milton is 0.48%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Milton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milton 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 Milton's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37118 zip code has both the highest and lowest median property tax rate of 0.48%. Understanding how these cities compare with Milton provides valuable insights into the varying tax landscape across Wilson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milton Tax Rate
0.48%
Average Wilson County Tax Rate
0.50%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37118 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Milton, Tennessee
In Milton, 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 Wilson 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 Milton, 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 Milton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Milton is $1,351 in the 37118 zip code.
Average Milton Assessed Value
$283,100
Average Wilson County Assessed Value
$285,400
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37118 | $96,100 | $131,400 | $283,100 | $403,100 | $481,760 |
Source: Ownwell
Property Tax Bills Across Milton, Tennessee
Property tax bills in Milton, a city within Wilson County, TN, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value, which in Milton is influenced by factors such as location, property size, and home improvements. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For instance, with a median home price of $283,100, homeowners in Milton can expect their property tax bills to vary significantly. At the 25th percentile, tax bills are around $660, while at the 75th percentile, they rise to approximately $1,932. The 90th percentile tax bill can reach up to $2,322. These figures reflect the variability in property values and the corresponding tax obligations. Comparatively, the national median property tax rate is 0.99%, highlighting how Milton's property tax rates can impact homeowners differently based on their property's assessed value. Understanding these factors is crucial for homeowners to anticipate their annual property tax expenses accurately.
Average Milton Tax Bill
$1,351
Average Wilson County Tax Bill
$1,525
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Milton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37118 | $461 | $660 | $1,351 | $1,932 | $2,322 |
Source: Ownwell