Collierville, Tennessee Property Taxes
The median property tax rate in Collierville, TN is 0.32%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $133,200 in Collierville, the typical annual property tax bill amounts to $434, which is well below the national median of $2,690. Property taxes in Collierville 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 Collierville'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 Collierville 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
Collierville, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$426
Ownwell’s Collierville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Collierville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Collierville 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 Collierville, Tennessee
Property taxes in Collierville, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Collierville is 0.70%, which is notably higher than the Tennessee state median of 0.56% but still lower than the U.S. national median of 0.99%. Local government entities within Collierville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Collierville 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 Collierville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest median property tax rate in the state is found in Davidson County at 1.03%, while the lowest median tax rate is in Pickett County at 0.31%. Understanding how these cities compare with Collierville provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Collierville Tax Rate
0.32%
Average Fayette County Tax Rate
0.32%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Collierville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38017 | 0.32% | 0.32% | 0.32% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Collierville, Tennessee
In Collierville, 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 Collierville, 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 Collierville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 38017 has the highest and lowest median tax bill, both at $434.
Average Collierville Assessed Value
$133,200
Average Fayette County Assessed Value
$164,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Collierville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38017 | $24,800 | $46,875 | $133,200 | $316,275 | $468,800 |
Source: Ownwell
Property Tax Bills Across Collierville, Tennessee
In Collierville, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. This assessed value is then multiplied by the property tax rate set by Fayette County to determine the annual tax bill. Factors such as the home's location, size, and market conditions influence the assessed value. For instance, in Collierville, the median home price is $133,200. Homeowners in the 25th percentile can expect a tax bill around $158, while those in the 75th percentile may see bills closer to $1,022. In the 90th percentile, tax bills can reach up to $1,647. These tax bills impact homeowners by contributing to the local budget, which funds essential services like schools, public safety, and infrastructure. Comparatively, Collierville's property taxes are relatively moderate, with the highest median tax bill being $434 in the 38017 zip code, which is below the national median property tax rate of 0.99%. This makes Collierville an attractive location for homeowners seeking reasonable property tax rates.
Average Collierville Tax Bill
$434
Average Fayette County Tax Bill
$616
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Collierville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38017 | $91 | $158 | $434 | $1,022 | $1,647 |
Source: Ownwell