Mcminnville, Tennessee Property Taxes
The median property tax rate in McMinnville, TN is 0.61%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $115,900 in McMinnville, the typical annual property tax bill is $712, significantly less than the national median of $2,690. Property taxes in McMinnville are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding McMinnville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial 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 helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in McMinnville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in McMinnville 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 Mcminnville, Tennessee
Property taxes in McMinnville, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McMinnville is 0.61%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within McMinnville set these rates annually, and they can vary 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 areas in Tennessee and the national median. For comparison, the highest median property tax rate in McMinnville's zip code 37110 is also 0.61%, while the lowest median tax rate in the same zip code is 0.61%. Understanding how these rates compare with McMinnville provides valuable insights into the varying tax landscape across Cannon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mcminnville Tax Rate
0.61%
Average Cannon County Tax Rate
0.62%
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 | 0.61% | 0.61% | 0.61% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Mcminnville, Tennessee
In McMinnville, 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 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. In McMinnville, 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 $115,900, with tax bills ranging from $473 at the 25th percentile to $1,473 at the 90th percentile. The zip code 37110 has both the highest and lowest median tax bills at $712.
Average Mcminnville Assessed Value
$115,900
Average Cannon County Assessed Value
$129,400
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 | $44,950 | $76,925 | $115,900 | $171,350 | $239,450 |
Source: Ownwell
Property Tax Bills Across Mcminnville, Tennessee
Property tax bills in McMinnville, TN, are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $115,900, homeowners in McMinnville can expect their property tax bill to range from $473 at the 25th percentile to $1,473 at the 90th percentile. The local tax rate and the property's assessed value significantly influence the amount owed. Homeowners should note that property taxes can vary widely even within the same area, as evidenced by the median tax bill of $712 in the 37110 zip code. This variability can affect household budgets and the overall affordability of homeownership. Compared to the national median property tax rate of 0.99%, McMinnville's property taxes are relatively moderate, providing some relief to homeowners while still contributing to local public services and infrastructure.
Average Mcminnville Tax Bill
$712
Average Cannon County Tax Bill
$846
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 | $276 | $473 | $712 | $1,054 | $1,473 |
Source: Ownwell