Milan, Tennessee Property Taxes
The median property tax rate in Milan, TN is 0.80%, 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 $81,800 in Milan, the typical annual property tax bill is $672, falling below the national median of $2,690. Property taxes in Milan are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Milan'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 Milan 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
Milan, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$654
$607
Ownwell’s Milan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milan 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 Milan, Tennessee
Property taxes in Milan, Tennessee, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milan is 0.80%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Milan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milan 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 Milan's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38358 zip code has both the highest and lowest median property tax rate of 0.80%. Understanding how these cities compare with Milan 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 Milan Tax Rate
0.80%
Average Gibson County Tax Rate
0.76%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milan, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38358 | 0.76% | 0.80% | 0.80% | 0.80% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Milan, Tennessee
In Milan, 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 Gibson County Assessor 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 Milan, 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 Milan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Milan is $81,800, with the highest and lowest median tax bills both at $672 in the 38358 zip code.
Average Milan Assessed Value
$81,800
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 Milan, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38358 | $31,400 | $48,200 | $81,800 | $131,950 | $196,660 |
Source: Ownwell
Property Tax Bills Across Milan, Tennessee
In Milan, TN, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor's office. This assessed value is a percentage of your property's market value. For homeowners in Milan, the median home price is $81,800. Once the assessed value is established, the tax rate, set by local government authorities, is applied to this value to determine your annual tax bill. Several factors influence your property tax bill, including the market value of your home, the local tax rate, and any applicable exemptions or reductions. For instance, tax bills in Milan can range significantly, with the 25th percentile at $387 and the 75th percentile reaching $1,066. At the 90th percentile, tax bills can be as high as $1,612, highlighting the variability based on property values and assessments. Homeowners in Milan should be aware that property taxes can impact their overall housing costs and budgeting, making it essential to stay informed about local tax rates and potential changes.
Average Milan Tax Bill
$672
Average Gibson County Tax Bill
$563
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Milan, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38358 | $251 | $387 | $672 | $1,066 | $1,612 |
Source: Ownwell