Maury City, Tennessee Property Taxes
The median property tax rate in Maury City, TN is 0.56%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Maury City at $78,700, the typical annual property tax bill reaches $439, significantly below the national median of $2,690. Property taxes in Maury City 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 Maury City'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 Maury City 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
Maury City, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$441
$409
Ownwell’s Maury City Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Maury City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maury City 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 Maury City, Tennessee
Property taxes in Maury City, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Maury City is 0.56%, which is below both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Maury City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maury City 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 Maury City's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38050 zip code has both the highest and lowest median property tax rate of 0.56%. Understanding how these cities compare with Maury City provides valuable insights into the varying tax landscape across Crockett County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Maury City Tax Rate
0.56%
Average Crockett County Tax Rate
0.56%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maury City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38050 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Maury City, Tennessee
In Maury City, 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 Crockett 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 Maury City, 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 Maury City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $439.00, found in the 38050 zip code.
Average Maury City Assessed Value
$78,700
Average Crockett County Assessed Value
$110,100
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Maury City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38050 | $37,820 | $54,900 | $78,700 | $83,000 | $121,580 |
Source: Ownwell
Property Tax Bills Across Maury City, Tennessee
In Maury City, 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 Maury City is $78,700. To determine the property tax bill, local tax authorities apply the county's tax rate to the assessed value. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For example, homeowners in Maury City can expect a tax bill ranging from $349 at the 25th percentile to $678 at the 90th percentile. The median tax bill stands at $439, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable, but it's essential for homeowners to stay informed about potential changes in property assessments and tax rates, as these can impact their annual expenses. Understanding these factors can help residents better manage their financial planning and property investments.
Average Maury City Tax Bill
$439
Average Crockett County Tax Bill
$616
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Maury City, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38050 | $208 | $349 | $439 | $515 | $678 |
Source: Ownwell