Mcminnville, Grundy County, Tennessee Property Taxes
The median property tax rate in McMinnville, TN is 0.57%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $80,100 in McMinnville, the typical annual property tax bill is $441, far below the national median of $2,690. Property taxes in McMinnville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding McMinnville'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 McMinnville 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
Mcminnville, Grundy County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$457
$424
Ownwell’s MCMINNVILLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MCMINNVILLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MCMINNVILLE 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 Mcminnville, Grundy County, Tennessee
Property taxes in McMinnville, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McMinnville is 0.57%, significantly lower than the U.S. national median of 0.99%. Local government entities within McMinnville set these rates annually, and they can vary significantly across different neighborhoods. Each year, McMinnville 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 McMinnville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37110 has the highest median property tax rate of 0.57%, while the same zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with McMinnville provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mcminnville Tax Rate
0.57%
Average Grundy County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mcminnville, Grundy County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37110 | 0.50% | 0.53% | 0.57% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Mcminnville, Grundy County, Tennessee
In McMinnville, 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 McMinnville, 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 McMinnville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In McMinnville, the zip code with the highest median tax bill is 37110, with a median tax bill of $441.00, while the lowest median tax bill is also in zip code 37110, with the same median tax bill of $441.00.
Property Tax Assessment Values Across Mcminnville, Grundy County, Tennessee
Source: Ownwell
$47,600
$93,075
$138,550
Average Mcminnville Assessed Value
$80,100
Average Grundy County Assessed Value
$82,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mcminnville, Grundy County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37110 | $27,700 | $50,900 | $80,100 | $132,600 | $246,640 |
Source: Ownwell
Property Tax Bills Across Mcminnville, Grundy County, Tennessee
In McMinnville, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office and is typically a percentage of the market value. For homeowners in McMinnville, the median home price is $80,100. The property tax rate is applied to this assessed value to determine the annual tax bill. Various factors influence the tax bill, including the property's location within the county, its assessed value, and the specific tax rates set by local authorities. In McMinnville, the 25th percentile tax bill is $284, while the 75th percentile tax bill reaches $728. For those at the higher end, the 90th percentile tax bill can be as much as $1,437. These property taxes fund essential local services such as schools, public safety, and infrastructure, impacting homeowners by contributing to the quality of life in the community. The median tax bill in the city is $441, aligning with the rates seen in the zip code 37110.
Average Mcminnville Tax Bill
$441
Average Grundy County Tax Bill
$512
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mcminnville, Grundy County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37110 | $148 | $284 | $441 | $728 | $1,437 |
Source: Ownwell