Mc Ewen, Tennessee Property Taxes
The median property tax rate in Mc Ewen, TN is 0.72%, which is lower than the national median of 0.99% but higher than the Tennessee state median of 0.64%. With a median home value of $119,250 in Mc Ewen, the typical annual property tax bill is approximately $915, significantly below the national median of $2,690. Property taxes in Mc Ewen are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Mc Ewen'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 Mc Ewen or another part of Humphreys County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mc Ewen, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$859
Ownwell’s Mc Ewen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mc Ewen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mc Ewen 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 Mc Ewen, Tennessee
Property taxes in Mc Ewen, Tennessee, play a crucial role in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Mc Ewen is 0.72%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Mc Ewen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mc Ewen 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 Mc Ewen's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37101 zip code has the highest median property tax rate of 0.72%, while the 37101 zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Mc Ewen provides valuable insights into the varying tax landscape across Humphreys County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Ewen Tax Rate
0.72%
Average Humphreys County Tax Rate
0.74%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Ewen, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37101 | 0.53% | 0.63% | 0.72% | 0.82% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Mc Ewen, Tennessee
In Mc Ewen, 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 Humphreys County Assessor 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 Mc Ewen, 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 Mc Ewen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 37101 has both the highest and lowest median tax bill, standing at $915.
Average Mc Ewen Assessed Value
$119,250
Average Humphreys County Assessed Value
$111,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Ewen, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37101 | $35,200 | $67,300 | $119,250 | $191,025 | $303,870 |
Source: Ownwell
Property Tax Bills Across Mc Ewen, Tennessee
In Mc Ewen, located in Humphreys County, TN, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local tax assessor's office and is a percentage of the market value of your property. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For homeowners in Mc Ewen, the median home price is $119,250. Property tax bills can vary significantly, with the 25th percentile being $478 and the 75th percentile reaching $1,386. For those in the 90th percentile, tax bills can go up to $2,077. These figures highlight the range of property tax burdens that homeowners might face, depending on their property's assessed value and the applicable tax rate. Understanding how these factors interplay helps homeowners anticipate their annual tax obligations, ensuring they are better prepared for financial planning. The local tax rate in Humphreys County is a critical determinant, impacting how much residents ultimately pay in property taxes.
Average Mc Ewen Tax Bill
$915
Average Humphreys County Tax Bill
$930
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Ewen, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37101 | $210 | $478 | $915 | $1,386 | $2,077 |
Source: Ownwell