Palmer, Tennessee Property Taxes
The median property tax rate in Palmer, TN is 0.60%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Palmer at $69,100, the typical annual property tax bill reaches $415, significantly below the national median of $2,690. Property taxes in Palmer are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Palmer'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 Palmer or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Palmer, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$415
$385
Ownwell’s Palmer Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers, offering an effortless way to estimate annual property taxes in Palmer, Grundy County, TN. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Palmer to provide a reliable estimate of your property tax bill. This helps you gain a clear understanding of potential tax liabilities. For those interested in more detailed insights, localized information is available, offering a closer look at neighborhood trends. Remember, your property's assessed value is determined by the county for tax purposes and accounts for any applicable exemptions.
Property Tax Rates Across Palmer, Tennessee
Property taxes in Palmer, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmer is 0.60%, which is lower than both the Tennessee state median of 0.68% and the U.S. national median of 0.99%. Local government entities within Palmer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmer 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 Palmer's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37365 zip code has the highest median property tax rate of 0.60%, while the 37365 zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Palmer 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 Palmer Tax Rate
0.60%
Average Grundy County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palmer, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37365 | 0.52% | 0.54% | 0.60% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Palmer, Tennessee
In Palmer, 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 Grundy 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 Palmer, 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. For instance, the median home price in Palmer is $69,100, with tax bills ranging from $225 at the 25th percentile to $934 at the 90th percentile. The zip code 37365 has the highest and lowest median tax bill of $415. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Palmer Assessed Value
$69,100
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 Palmer, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37365 | $21,800 | $41,700 | $69,100 | $104,700 | $155,420 |
Source: Ownwell
Property Tax Bills Across Palmer, Tennessee
In Palmer, Grundy County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, directly impacting the tax bill. For homeowners in Palmer, the median home price is $69,100. Property tax bills can vary widely, with the 25th percentile at $225 and the 75th percentile at $632. For those at the 90th percentile, the tax bill can reach up to $934. The median tax bill in the area is $415, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable in Palmer, but it also means that local services funded by property taxes may have different levels of support compared to other regions.
Average Palmer Tax Bill
$415
Average Grundy County Tax Bill
$512
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmer, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37365 | $112 | $225 | $415 | $632 | $934 |
Source: Ownwell