Pelham, Tennessee Property Taxes
The median property tax rate in Pelham, TN is 0.47%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Pelham at $208,100, the typical annual property tax bill comes to $976, well below the national median of $2,690. Property taxes in Pelham 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 Pelham'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 Pelham 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
Pelham, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$978
Ownwell’s Pelham Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Pelham with just two data points. Simply input your property's estimated assessed value, and the calculator will apply the median tax rate in Pelham to provide an estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed insights, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value, determined by the county, is essential for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Pelham, Tennessee
Property taxes in Pelham, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pelham is 0.47%, which is lower than the U.S. national median of 0.99%. Local government entities within Pelham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pelham 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 Pelham's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37366 has both the highest and lowest median property tax rate of 0.47%, aligning with Pelham's rate. Understanding how these areas compare with Pelham provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pelham Tax Rate
0.47%
Average Franklin County Tax Rate
0.47%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pelham, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37366 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Pelham, Tennessee
In Pelham, 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 Franklin 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 Pelham, 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 Pelham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 37366 has the highest and lowest median tax bill at $976.
Average Pelham Assessed Value
$208,100
Average Franklin County Assessed Value
$205,400
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pelham, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37366 | $78,980 | $126,050 | $208,100 | $275,950 | $297,460 |
Source: Ownwell
Property Tax Bills Across Pelham, Tennessee
In Pelham, property tax bills are calculated based on the assessed value of your home, which is determined by the local property assessor. The assessed value is a percentage of the market value of your property. Homeowners in Pelham, Franklin County, can expect property tax rates that are influenced by the local government's budget needs and the overall property values in the area. The median home price in Pelham is $208,100, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is around $591, while the 75th percentile tax bill reaches $1,294, and the 90th percentile tax bill goes up to $1,395. These variations depend on factors such as property location, size, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Pelham's rates can be seen as relatively moderate. The highest and lowest median tax bills in Pelham both stand at $976, which provides a solid benchmark for what homeowners might expect to pay. Understanding these factors can help homeowners budget effectively and anticipate any changes in their annual property tax obligations.
Average Pelham Tax Bill
$976
Average Franklin County Tax Bill
$1,112
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Pelham, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37366 | $370 | $591 | $976 | $1,294 | $1,395 |
Source: Ownwell