Medina, Tennessee Property Taxes
The median property tax rate in Medina, TN is 0.76%, which is lower than the national median of 0.99% but higher than the Tennessee state median of 0.64%. With a median home value of $165,300 in Medina, the typical annual property tax bill is $1,262, significantly below the national median of $2,690. Property taxes in Medina are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Medina'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 Medina 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
Medina, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,256
Ownwell’s Medina Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Medina with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medina to provide an estimate of your property tax bill. This insightful tool aids in understanding potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available. 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 Medina, Tennessee
Property taxes in Medina, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medina is 0.76%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Medina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medina 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 Medina's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38355 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with Medina provides valuable insights into the varying tax landscape across Gibson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medina Tax Rate
0.76%
Average Gibson County Tax Rate
0.76%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medina, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38355 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Medina, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Medina, Tennessee. 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 Gibson 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 in Medina 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 Medina helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 38355, also holding the lowest median tax bill at $1262.
Average Medina Assessed Value
$165,300
Average Gibson County Assessed Value
$77,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medina, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38355 | $64,740 | $119,400 | $165,300 | $215,000 | $270,420 |
Source: Ownwell
Property Tax Bills Across Medina, Tennessee
In Medina, TN, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Medina stands at $165,300. Property taxes are calculated by applying the local tax rate to the assessed value, which can significantly impact homeowners' annual expenses. For example, the tax bill at the 25th percentile is $910, while at the 75th percentile, it rises to $1,622. At the 90th percentile, homeowners might see a tax bill as high as $2,042. Comparatively, the national median property tax rate is 0.99%, and Medina’s rates reflect the local economic factors and public service funding needs. Understanding these factors is crucial for homeowners as it directly influences their annual financial planning. The highest and lowest median tax bills in the area both stand at $1,262 in the zip code 38355, indicating a relatively consistent tax environment within the city.
Average Medina Tax Bill
$1,262
Average Gibson County Tax Bill
$563
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Medina, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38355 | $482 | $910 | $1,262 | $1,622 | $2,042 |
Source: Ownwell