Medina, Tennessee Property Taxes
The median property tax rate in Medina, 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 Medina at $136,550, the typical annual property tax bill is $640, which is well below the national median of $2,690. Property taxes in Medina are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Medina'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 Medina 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
Medina, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$642
Ownwell’s Medina Property Tax Bill Calculator assists any homeowner, real estate investor, or potential owner in estimating their annual property taxes in Medina with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medina 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 Medina, Tennessee
Property taxes in Medina, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medina is 0.47%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Medina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medina 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 Medina's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38355 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 cities compare with Medina 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 Medina 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 Medina, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38355 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Medina, Tennessee
In Medina, 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 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 Medina, 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 Medina 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 38355, with a median tax bill of $640.
Average Medina Assessed Value
$136,550
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 Medina, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38355 | $26,030 | $52,650 | $136,550 | $225,350 | $307,770 |
Source: Ownwell
Property Tax Bills Across Medina, Tennessee
In Medina, Madison County, TN, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. For instance, with a median home price of $136,550, the tax burden can vary significantly. Homeowners at the 25th percentile pay around $242 annually, while those at the 75th percentile see bills closer to $1,056. At the 90th percentile, the tax bill can reach up to $1,441. Several factors influence these calculations, including the property's location, size, and condition. These taxes play a crucial role in funding essential public services like schools, infrastructure, and emergency services. For homeowners, understanding these factors is vital as property taxes can significantly impact their annual expenses. Comparing Medina's rates to the national median property tax rate of 0.99% can provide additional context for how local tax obligations measure up.
Average Medina Tax Bill
$640
Average Madison County Tax Bill
$848
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Medina, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38355 | $118 | $242 | $640 | $1,056 | $1,441 |
Source: Ownwell