Mulberry, Tennessee Property Taxes
The median property tax rate in Mulberry, TN is 0.53%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $125,000 in Mulberry, the typical annual property tax bill is $657, which is well below the national median of $2,690. Property taxes in Mulberry are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Mulberry'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 Mulberry or another part of Lincoln County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mulberry, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$663
$615
Ownwell’s Mulberry Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Mulberry with just two simple inputs. By entering your property's estimated assessed value, the calculator leverages the median tax rate in Mulberry to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, as determined by Lincoln County, forms the basis for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Mulberry, Tennessee
Property taxes in Mulberry, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mulberry is 0.53%, which is lower than the U.S. national median of 0.99%. Local government entities within Mulberry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mulberry 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 Mulberry's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37359 zip code has both the highest and lowest median property tax rate of 0.53%. Understanding how these cities compare with Mulberry provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mulberry Tax Rate
0.53%
Average Lincoln County Tax Rate
0.53%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mulberry, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37359 | 0.53% | 0.53% | 0.53% | 0.53% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Mulberry, Tennessee
In Mulberry, 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 Lincoln 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 Mulberry, 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 Mulberry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 37359 at $657, which is also the lowest median tax bill in the area.
Average Mulberry Assessed Value
$125,000
Average Lincoln County Assessed Value
$117,700
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mulberry, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37359 | $44,960 | $70,450 | $125,000 | $199,950 | $313,190 |
Source: Ownwell
Property Tax Bills Across Mulberry, Tennessee
Property tax bills in Mulberry, located in Lincoln County, TN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county's property assessor. For homeowners in Mulberry, the median home price stands at $125,000. The tax rate is applied to this assessed value to determine the annual tax bill. In Mulberry, property tax bills can vary significantly. For instance, homeowners at the 25th percentile pay around $370, while those at the 75th percentile pay approximately $1,050. At the 90th percentile, the tax bill can reach up to $1,646. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. For homeowners, understanding how their tax bill is calculated helps in budgeting and financial planning, ensuring they are prepared for this annual expense.
Average Mulberry Tax Bill
$657
Average Lincoln County Tax Bill
$686
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mulberry, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37359 | $230 | $370 | $657 | $1,050 | $1,646 |
Source: Ownwell