Morris Chapel, Tennessee Property Taxes
The median property tax rate in Morris Chapel, TN is 0.64%, aligning with the Tennessee state median but significantly lower than the national median of 0.99%. With the median home value in Morris Chapel at $86,400, the typical annual property tax bill is $707, well below the national median of $2,690. Property taxes in Morris Chapel are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Morris Chapel'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 Morris Chapel or another part of Hardin County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morris Chapel, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$553
$513
Ownwell’s Morris Chapel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morris Chapel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morris Chapel 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 Morris Chapel, Tennessee
Property taxes in Morris Chapel, Tennessee, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Morris Chapel is 0.64%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Morris Chapel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morris Chapel 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 Morris Chapel's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 38361 zip code has both the highest and lowest median property tax rate of 0.64%, which aligns with Morris Chapel's rate. Understanding how these areas compare with Morris Chapel 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 Morris Chapel Tax Rate
0.64%
Average Hardin County Tax Rate
0.70%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morris Chapel, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38361 | 0.53% | 0.60% | 0.64% | 0.75% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Morris Chapel, Tennessee
In Morris Chapel, Tennessee, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value reflects 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 Morris Chapel, 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. For instance, in the 38361 zip code, the median tax bill is $707. 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 Morris Chapel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Morris Chapel, Tennessee
Source: Ownwell
$52,400
$125,200
$198,000
Average Morris Chapel Assessed Value
$86,400
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 Morris Chapel, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38361 | $26,560 | $46,400 | $86,400 | $147,000 | $210,300 |
Source: Ownwell
Property Tax Bills Across Morris Chapel, Tennessee
In Morris Chapel, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor's office. The assessed value is typically a percentage of the market value of the home. For example, with a median home price of $86,400, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $394, while those in the 75th percentile might pay up to $1,000. For the top 10% of properties, tax bills can reach $1,407. The property tax rate in Hardin County, where Morris Chapel is located, is a critical factor in determining the final tax bill. This rate is applied to the assessed value of the property. Compared to the national median property tax rate of 0.99%, the rates in Morris Chapel can be relatively favorable, potentially easing the financial burden on homeowners. Understanding these factors can help residents anticipate their property tax obligations and plan accordingly.
Average Morris Chapel Tax Bill
$707
Average Hardin County Tax Bill
$809
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Morris Chapel, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38361 | $235 | $394 | $707 | $1,000 | $1,407 |
Source: Ownwell