Medon, Chester County, Tennessee Property Taxes
The median property tax rate in Medon, TN is 0.62%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Medon at $93,700, the typical annual property tax bill is $466, significantly below the national median of $2,690. Property taxes in Medon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Medon'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 Medon or another part of Chester County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Medon, Chester County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$581
$539
Ownwell’s Medon Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Medon with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Medon to estimate your property tax bill. This valuable 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 Chester County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Medon, Chester County, Tennessee
Property taxes in Medon, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medon is 0.62%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Medon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medon 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 Medon's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38356 zip code has the highest median property tax rate of 0.62%, while the 38356 zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Medon provides valuable insights into the varying tax landscape across Chester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medon Tax Rate
0.62%
Average Chester County Tax Rate
0.62%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medon, Chester County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38356 | 0.47% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Medon, Chester County, Tennessee
In Medon, 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 Chester 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 Medon, 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 Medon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Medon are both $466, found in the 38356 zip code.
Property Tax Assessment Values Across Medon, Chester County, Tennessee
Source: Ownwell
$76,250
$109,525
$142,800
Average Medon Assessed Value
$93,700
Average Chester County Assessed Value
$125,450
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medon, Chester County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38356 | $29,340 | $53,250 | $93,700 | $138,550 | $217,600 |
Source: Ownwell
Property Tax Bills Across Medon, Chester County, Tennessee
In Medon, Chester County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Medon is $93,700. Property tax rates in this area are determined by local taxing authorities and can vary significantly. For instance, the 25th percentile tax bill in Medon is $323, while the 75th percentile tax bill rises to $799, and the 90th percentile reaches $1,237. These figures illustrate the range of property tax burdens homeowners might face. Factors influencing the tax bill include the property's assessed value and the local tax rate. Homeowners with properties in different price ranges will experience varying tax bills, affecting their annual financial obligations. Compared to the national median property tax rate of 0.99%, Medon's tax rates reflect local economic conditions and budgetary needs. Understanding these factors can help homeowners anticipate their property tax responsibilities and better manage their household budgets.
Average Medon Tax Bill
$466
Average Chester County Tax Bill
$763
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Medon, Chester County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38356 | $182 | $323 | $466 | $799 | $1,237 |
Source: Ownwell