Michie, Tennessee Property Taxes
The median property tax rate in Michie, TN is 0.70%, which is lower than the national median of 0.99% but slightly higher than the Tennessee state median of 0.64%. With the median home value in Michie at $74,200, the typical annual property tax bill amounts to $685, well below the national median of $2,690. Property taxes in Michie are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Michie'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 Michie 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
Michie, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Michie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Michie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Michie 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 Michie, Tennessee
Property taxes in Michie, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Michie is 0.70%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Michie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Michie 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 Michie's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38357 has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Michie provides valuable insights into the varying tax landscape across Hardin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Michie Tax Rate
0.70%
Average Hardin County Tax Rate
0.70%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Michie, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38357 | 0.56% | 0.65% | 0.70% | 0.75% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Michie, Tennessee
In Michie, 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 Hardin 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 Michie, 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 Michie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Michie is $74,200, with the highest and lowest median tax bills both being $685 in zip code 38357.
Average Michie Assessed Value
$74,200
Average Hardin County Assessed Value
$89,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Michie, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38357 | $18,900 | $32,700 | $74,200 | $131,600 | $200,800 |
Source: Ownwell
Property Tax Bills Across Michie, Tennessee
In Michie, located in Hardin County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Michie is $74,200, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Michie can expect their tax bills to vary, with the 25th percentile tax bill at $448 and the 75th percentile reaching up to $1,090. For those in the 90th percentile, the tax bill can be as high as $1,479. The median tax bill in the area is $685, which is significantly lower than the national median property tax rate of 0.99%. These property taxes fund local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Michie Tax Bill
$685
Average Hardin County Tax Bill
$809
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Michie, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38357 | $189 | $448 | $685 | $1,090 | $1,479 |
Source: Ownwell