Paris, Tennessee Property Taxes
The median property tax rate in Paris, TN is 0.60%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Paris at $90,100, the typical annual property tax bill is $508, well below the national median of $2,690. Property taxes in Paris are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Paris'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 Paris or another part of Henry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Paris, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$541
$502
Ownwell’s Paris Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paris with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paris 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 Paris, Tennessee
Property taxes in Paris, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paris is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Paris set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paris 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 Paris's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38242 zip code has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Paris provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Paris Tax Rate
0.60%
Average Henry County Tax Rate
0.47%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paris, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38242 | 0.47% | 0.47% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Paris, Tennessee
In Paris, 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 Henry 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 Paris, 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 Paris helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 38242 has both the highest and lowest median tax bills, each at $508.
Average Paris Assessed Value
$90,100
Average Henry County Assessed Value
$86,700
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Paris, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38242 | $32,100 | $54,700 | $90,100 | $151,900 | $243,960 |
Source: Ownwell
Property Tax Bills Across Paris, Tennessee
In Paris, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Paris can expect their property tax bills to vary significantly based on several factors, including the size and location of their property. For instance, the median home price in Paris is $90,100. The tax bill for homeowners in the 25th percentile is around $301, while those in the 75th percentile can expect to pay approximately $826. At the 90th percentile, the tax bill rises to $1,275. These figures indicate a range of property tax burdens, reflecting differences in property values and assessed rates within the area. Compared to the national median property tax rate of 0.99%, Paris homeowners experience relatively moderate property tax bills. This variation can significantly impact homeowners' finances, influencing decisions about property purchases and long-term residency in the area.
Average Paris Tax Bill
$508
Average Henry County Tax Bill
$449
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Paris, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38242 | $179 | $301 | $508 | $826 | $1,275 |
Source: Ownwell