Mason, Fayette County, Tennessee Property Taxes
The median property tax rate in Mason, TN is 0.32%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Mason, the typical annual property tax bill is $203, well below the national median of $2,690. Property taxes in Mason are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mason'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 Mason 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
Mason, Fayette County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$196
$182
Ownwell’s Mason Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mason with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mason 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 Mason, Fayette County, Tennessee
Property taxes in Mason, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mason is 0.72%, significantly higher than both the Tennessee state median of 0.64% and the U.S. national median of 0.99%. Local government entities within Mason set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mason 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 Mason's effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest median property tax rate in the region is 1.27%, while the lowest median tax rate is 0.47%. Understanding how these cities compare with Mason 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 Mason 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 Mason, Fayette County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38049 | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
Source: Ownwell
Property Tax Assessment Values Across Mason, Fayette County, Tennessee
In Mason, 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 Fayette 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. 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 Mason helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $203.00 in zip code 38049, while the lowest median tax bill is also $203.00 in the same zip code.
Property Tax Assessment Values Across Mason, Fayette County, Tennessee
Source: Ownwell
$51,800
$247,625
$443,450
Average Mason Assessed Value
$61,150
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 Mason, Fayette County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38049 | $11,330 | $28,175 | $61,150 | $135,400 | $244,600 |
Source: Ownwell
Property Tax Bills Across Mason, Fayette County, Tennessee
In Mason, Tennessee, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The median home price in Mason is $61,150. Homeowners can expect their property tax bill to vary significantly. For example, the 25th percentile tax bill is around $91, while the 75th percentile tax bill reaches $443. At the higher end, the 90th percentile tax bill can be as much as $806. These figures illustrate the range of property tax burdens homeowners may face, depending on their property's assessed value and the local tax rate. The property tax rate in Mason is influenced by local government budgets and the need to fund public services such as schools, infrastructure, and emergency services. Comparing this to the national median property tax rate of 0.99%, Mason's rates can be seen as relatively modest. However, the impact on homeowners can still be significant, particularly for those with higher-valued properties. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Mason Tax Bill
$203
Average Fayette County Tax Bill
$616
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mason, Fayette County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38049 | $36 | $91 | $203 | $443 | $806 |
Source: Ownwell