Mercer, Madison County, Tennessee Property Taxes
The median property tax rate in Mercer, TN is 0.47%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $48,350 in Mercer, the typical annual property tax bill comes to $226, well below the national median of $2,690. Property taxes in Mercer 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 Mercer’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 Mercer 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
Mercer, Madison County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$227
$211
Ownwell’s Mercer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mercer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mercer 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 Mercer, Madison County, Tennessee
Property taxes in Mercer, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mercer is 0.47%, which is lower than both the Tennessee state median of 0.68% and the U.S. national median of 0.99%. Local government entities within Mercer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mercer 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 Mercer's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38392 zip code has the highest median property tax rate of 0.47%, while the 38392 zip code also has the lowest median tax rate of 0.47%. Understanding how these cities compare with Mercer 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 Mercer 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 Mercer, Madison County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38392 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Mercer, Madison County, Tennessee
In Mercer, 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 Mercer, 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 Mercer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Mercer is $226 in the 38392 zip code, while the lowest median tax bill is also $226 in the same zip code.
Property Tax Assessment Values Across Mercer, Madison County, Tennessee
Source: Ownwell
$43,800
$120,300
$196,800
Average Mercer Assessed Value
$48,350
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 Mercer, Madison County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38392 | $4,500 | $12,300 | $48,350 | $116,050 | $169,060 |
Source: Ownwell
Property Tax Bills Across Mercer, Madison County, Tennessee
In Mercer, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. Homeowners in Mercer pay property taxes that are influenced by several factors, including the property's location, size, and use. For example, the median home price in Mercer is $48,350. Property tax rates in this area can vary significantly, with tax bills ranging from the 25th percentile at $58 to the 90th percentile at $792. Comparatively, the national median property tax rate is 0.99%, which provides a useful benchmark for understanding local rates. These taxes are essential for funding local services such as schools, public safety, and infrastructure. For homeowners, understanding how their tax bill is calculated can help them better manage their finances and anticipate annual expenses. The highest and lowest median tax bills in Mercer are both $226, reflecting a relatively consistent tax environment within the area.
Average Mercer Tax Bill
$226
Average Madison County Tax Bill
$848
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mercer, Madison County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38392 | $21 | $58 | $226 | $530 | $792 |
Source: Ownwell