Medon, Madison County, Tennessee Property Taxes
The median property tax rate in Medon, TN is 0.47%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Medon at $97,600, the typical annual property tax bill reaches $454, significantly less than the national median of $2,690. Property taxes in Medon are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Medon'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 Medon or another part of Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Medon, Madison County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$459
$426
Ownwell’s Medon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medon 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 Medon, Madison County, Tennessee
Property taxes in Medon, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medon stands at 0.47%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Medon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medon 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 Medon's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38356 zip code has the highest median property tax rate of 0.47%, while it also has the lowest median tax rate of 0.47%. Understanding how these cities compare with Medon 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 Medon 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 Medon, Madison County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38356 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Medon, Madison County, Tennessee
In Medon, 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 Medon, 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, the median home price in Medon is $97,600. The tax bills vary significantly, with the 25th percentile at $140 and the 90th percentile reaching $1,417. 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 Medon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Medon, Madison County, Tennessee
Source: Ownwell
$43,800
$120,300
$196,800
Average Medon Assessed Value
$97,600
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 Medon, Madison County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38356 | $11,960 | $29,700 | $97,600 | $183,900 | $302,200 |
Source: Ownwell
Property Tax Bills Across Medon, Madison County, Tennessee
In Medon, Madison County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, which is determined by local tax assessors. Homeowners in Medon typically see tax bills that vary widely, reflecting differences in property values and specific local tax rates. For instance, the median home price in Medon is $97,600, and tax bills can range significantly. The 25th percentile tax bill is around $140, while the 75th percentile reaches up to $861. At the higher end, the 90th percentile tax bill can be as much as $1,417. These tax bills directly impact homeowners by influencing their annual housing costs. Compared to the national median property tax rate of 0.99%, Medon's property tax rates can offer a relatively affordable option for homeowners, depending on their property's assessed value. The highest and lowest median tax bills, both at $454, reflect a consistent tax environment within the zip code 38356. This consistency helps homeowners plan their finances more effectively.
Average Medon Tax Bill
$454
Average Madison County Tax Bill
$848
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Medon, Madison County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38356 | $56 | $140 | $454 | $861 | $1,417 |
Source: Ownwell