Parsons, Tennessee Property Taxes
The median property tax rate in Parsons, TN is 0.65%, slightly higher than the Tennessee state median of 0.64% but lower than the national median of 0.99%. With a median home value of $68,450 in Parsons, the typical annual property tax bill is approximately $498, which is significantly below the national median of $2,690. Property taxes in Parsons are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Parsons' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Parsons or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Parsons, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$445
Ownwell’s Parsons Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parsons with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parsons 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 Parsons, Tennessee
Property taxes in Parsons, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parsons is 0.65%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Parsons set these rates annually, and they can vary across different neighborhoods. Each year, Parsons 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 Parsons' effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38363 has the highest median property tax rate of 0.65%, which is the same as the lowest median tax rate in the same zip code at 0.65%. Understanding how these cities compare with Parsons provides valuable insights into the varying tax landscape across Decatur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parsons Tax Rate
0.65%
Average Decatur County Tax Rate
0.65%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parsons, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38363 | 0.64% | 0.64% | 0.65% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Parsons, Tennessee
In Parsons, 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 Decatur 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 Parsons, 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. The median home price in Parsons is $68,450, with tax bills varying significantly. For instance, the 25th percentile tax bill is $287, while the 75th percentile tax bill is $826, and the 90th percentile tax bill reaches $1,328. Notably, the highest and lowest median tax bills are both $498 in the zip code 38363. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Parsons Assessed Value
$68,450
Average Decatur County Assessed Value
$75,850
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parsons, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38363 | $22,310 | $39,775 | $68,450 | $115,825 | $190,190 |
Source: Ownwell
Property Tax Bills Across Parsons, Tennessee
In Parsons, located in Decatur County, TN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Parsons is $68,450. Property taxes are typically determined by multiplying the assessed value of the property by the local tax rate. Factors such as property size, location, and market conditions influence the assessed value. Homeowners in Parsons can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $287, while the 75th percentile tax bill reaches $826. At the 90th percentile, property tax bills can be as high as $1,328. The median tax bill stands at $498, which is notably lower than the national median property tax rate of 0.99%. These property tax bills impact homeowners by contributing to the overall cost of owning a home and can influence decisions related to buying or selling property within the region. Understanding these factors is crucial for homeowners to manage their finances effectively.
Average Parsons Tax Bill
$498
Average Decatur County Tax Bill
$529
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Parsons, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38363 | $154 | $287 | $498 | $826 | $1,328 |
Source: Ownwell