Mc Kenzie, Tennessee Property Taxes
The median property tax rate in McKenzie, TN is 0.65%, slightly above the state median of 0.64% but still below the national median of 0.99%. With a median home value of $85,850 in McKenzie, the typical annual property tax bill amounts to $564, which is significantly lower than the national median of $2,690. Property taxes in McKenzie are based on the assessed value, which often falls below the market value thanks to exemptions like those for primary residences and agricultural properties. By understanding McKenzie's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you are in the heart of McKenzie or another part of the city, being well-informed about the local property tax system is crucial for maximizing financial benefits.
Last Updated June 14, 2024
Mc Kenzie, 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 MC KENZIE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC KENZIE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC KENZIE 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 Mc Kenzie, Tennessee
Property taxes in MC KENZIE, Tennessee, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in MC KENZIE is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within MC KENZIE set these rates annually, and they can vary significantly across different neighborhoods. Each year, MC KENZIE 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 MC KENZIE's effective property tax rate to other regions and the national median. For comparison, the zip code 38201 has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with MC KENZIE provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Kenzie Tax Rate
0.65%
Average Carroll County Tax Rate
0.66%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Kenzie, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38201 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Mc Kenzie, Tennessee
In MC KENZIE, 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 Carroll 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 MC KENZIE, 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 MC KENZIE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in MC KENZIE is $85,850, with the 25th percentile tax bill at $350 and the 75th percentile at $873. The zip code 38201 has both the highest and lowest median tax bill at $564.
Average Mc Kenzie Assessed Value
$85,850
Average Carroll County Assessed Value
$76,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Kenzie, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38201 | $32,320 | $53,700 | $85,850 | $131,900 | $197,980 |
Source: Ownwell
Property Tax Bills Across Mc Kenzie, Tennessee
In McKenzie, Tennessee, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in McKenzie is $85,850. Property taxes are then determined by applying the local tax rate to this assessed value. For homeowners, the tax bill can vary significantly. For instance, the 25th percentile tax bill is around $350, while the 75th percentile tax bill reaches $873, and the 90th percentile tax bill can be as high as $1,301. These variations are influenced by factors such as property size, location, and improvements. Compared to the national median property tax rate of 0.99%, McKenzie's tax bills reflect a range that can be relatively manageable or somewhat burdensome, depending on individual property values and local tax rates. Homeowners in McKenzie should be aware of these factors, as they directly impact the annual cost of owning property in the area.
Average Mc Kenzie Tax Bill
$564
Average Carroll County Tax Bill
$574
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Kenzie, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38201 | $206 | $350 | $564 | $873 | $1,301 |
Source: Ownwell