Mount Pleasant, Tennessee Property Taxes
The median property tax rate in Mount Pleasant, TN is 0.50%, which is notably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $264,250 in Mount Pleasant, the typical annual property tax bill amounts to $1,350, significantly below the national median of $2,690. Property taxes in Mount Pleasant 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 Mount Pleasant'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 Mount Pleasant 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
Mount Pleasant, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$1,321
$1,226
Ownwell’s Mount Pleasant Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Pleasant with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Pleasant 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 Mount Pleasant, Tennessee
Property taxes in Mount Pleasant, TN, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Pleasant is 0.50%, which is lower than the U.S. national median of 0.99%. Local government entities within Mount Pleasant set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Pleasant 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 Mount Pleasant's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 38474 in Lawrence County has the same median property tax rate of 0.50%. Understanding how these cities compare with Mount Pleasant provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Pleasant Tax Rate
0.50%
Average Lawrence County Tax Rate
0.50%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Pleasant, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38474 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Mount Pleasant, Tennessee
In Mount Pleasant, 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 local 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 Mount Pleasant, 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 Mount Pleasant helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,350 in the 38474 zip code, while the lowest median tax bill is also $1,350 in the same zip code.
Property Tax Assessment Values Across Mount Pleasant, Tennessee
Source: Ownwell
$16,300
$140,275
$264,250
Average Mount Pleasant Assessed Value
$264,250
Average Lawrence County Assessed Value
$151,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Pleasant, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38474 | $114,040 | $188,475 | $264,250 | $315,425 | $366,530 |
Source: Ownwell
Property Tax Bills Across Mount Pleasant, Tennessee
In Mount Pleasant, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Local tax rates, known as millage rates, are then applied to this assessed value to determine the tax bill. The median home price in Mount Pleasant is $264,250. Homeowners in the 25th percentile pay around $991 annually, while those in the 75th percentile see tax bills closer to $1,611. The 90th percentile tax bill reaches approximately $1,942. Several factors influence the tax bill, including property location, market conditions, and any applicable exemptions. For example, properties in higher-demand areas or with recent renovations may have higher assessed values, leading to increased tax bills. Compared to the national median property tax rate of 0.99%, Mount Pleasant's rates can be considered moderate, providing a relatively affordable tax environment for homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Mount Pleasant Tax Bill
$1,350
Average Lawrence County Tax Bill
$875
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Pleasant, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38474 | $580 | $991 | $1,350 | $1,611 | $1,942 |
Source: Ownwell