Denmark, Tennessee Property Taxes
The median property tax rate in Denmark, TN is 0.47%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Denmark at $43,800, the typical annual property tax bill amounts to $205, which is much less than the national median of $2,690. Property taxes in Denmark are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Denmark'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 Denmark 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
Denmark, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$206
Ownwell’s Denmark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Denmark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Denmark 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 Denmark, Tennessee
Property taxes in Denmark, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Denmark is 0.47%, which is significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Denmark set these rates annually, and they can vary across different neighborhoods. Each year, Denmark 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 Denmark's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38391 has the highest median property tax rate of 0.47%, while the same zip code also has the lowest median tax rate of 0.47%. Understanding how these areas compare with Denmark provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Denmark Tax Rate
0.47%
Average Madison County Tax Rate
0.87%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Denmark, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38391 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Denmark, Tennessee
In Denmark, 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 Denmark, 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 Denmark helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 38391 has both the highest and lowest median tax bills at $205.
Average Denmark Assessed Value
$43,800
Average Madison County Assessed Value
$135,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Denmark, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38391 | $7,520 | $13,800 | $43,800 | $110,400 | $173,100 |
Source: Ownwell
Property Tax Bills Across Denmark, Tennessee
In Denmark, Tennessee, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor's office and typically represents a percentage of the property's market value. For homeowners in Denmark, the median home price is $43,800. The property tax rate in Madison County is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For instance, tax bills in Denmark range significantly, with the 25th percentile tax bill at $65 and the 75th percentile at $512. The 90th percentile tax bill can go as high as $808, reflecting the variability in property values and assessments. These property taxes fund essential public services such as schools, infrastructure, and emergency services. Homeowners in Denmark, therefore, contribute to the community's overall well-being through their property taxes, which are relatively modest compared to the national median property tax rate of 0.99%.
Average Denmark Tax Bill
$205
Average Madison County Tax Bill
$848
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Denmark, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38391 | $35 | $65 | $205 | $512 | $808 |
Source: Ownwell