Jackson, Madison County, Tennessee Property Taxes
The median property tax rate in Jackson, TN is 0.87%, which is lower than the national median of 0.99% but higher than the Tennessee state median of 0.64%. With the median home value in Jackson at $139,800, the typical annual property tax bill amounts to $963, falling below the national median of $2,690. Property taxes in Jackson are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Jackson'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 Jackson or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jackson, Madison County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$1,216
$1,129
Ownwell’s Jackson Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Jackson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jackson to provide an 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 is the value assigned by Madison County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Jackson, Madison County, Tennessee
Property taxes in Jackson, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jackson is 0.87%, which is below the U.S. national median of 0.99%. Local government entities within Jackson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jackson 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 Jackson's effective property tax rate to other areas in Madison County and the national median. For comparison, the zip code 38305 has the highest median property tax rate of 0.87%, while the zip code 38301 has the lowest median tax rate of 0.87%. Understanding how these areas compare with Jackson 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 Jackson Tax Rate
0.87%
Average Madison County Tax Rate
0.87%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jackson, Madison County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38301 | 0.47% | 0.47% | 0.87% | 0.87% | 0.87% |
| 38305 | 0.47% | 0.47% | 0.87% | 0.87% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Jackson, Madison County, Tennessee
In JACKSON, 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 Madison County Property 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. 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. For instance, in JACKSON, the highest median tax bill is $1,464 in the 38305 zip code, while the lowest median tax bill is $543 in the 38301 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Jackson, Madison County, Tennessee
Source: Ownwell
$43,800
$120,300
$196,800
Average Jackson Assessed Value
$139,800
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 Jackson, Madison County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38301 | $7,500 | $35,800 | $72,700 | $126,400 | $176,300 |
| 38305 | $53,100 | $133,600 | $188,700 | $272,400 | $380,740 |
Source: Ownwell
Property Tax Bills Across Jackson, Madison County, Tennessee
In Jackson, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate set by Madison County to determine the annual tax bill. Factors considered in this calculation include the home's market value, the assessment ratio, and the county's tax rate. For instance, in Jackson, the median home price is $139,800, leading to varying tax bills across different percentiles. Homeowners in the 25th percentile pay around $461, while those in the 75th percentile face bills of about $1,686. At the 90th percentile, tax bills can reach up to $2,608. The highest median tax bill in Jackson is found in the 38305 zip code, at $1,464, while the lowest is in the 38301 zip code, at $543. These tax bills impact homeowners by influencing their overall housing costs, making it crucial to understand how local property taxes are determined.
Average Jackson Tax Bill
$963
Average Madison County Tax Bill
$848
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Jackson, Madison County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38301 | $50 | $273 | $543 | $901 | $1,308 |
| 38305 | $376 | $832 | $1,464 | $2,185 | $3,165 |
Source: Ownwell