Monteagle, Tennessee Property Taxes
The median property tax rate in Monteagle, TN is 0.44%, significantly lower than the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $123,350 in Monteagle, the typical annual property tax bill is $544, well below the national median of $2,690. Property taxes in Monteagle are calculated based on the tax assessed value, which usually falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Monteagle'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 Monteagle or another part of Marion County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monteagle, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$543
$504
Ownwell’s Monteagle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monteagle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monteagle 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 Monteagle, Tennessee
Property taxes in Monteagle, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monteagle is 0.44%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Monteagle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monteagle 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 Monteagle's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37356 zip code has both the highest and lowest median property tax rate of 0.44%. Understanding how these cities compare with Monteagle provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monteagle Tax Rate
0.44%
Average Marion County Tax Rate
0.44%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monteagle, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37356 | 0.44% | 0.44% | 0.44% | 0.44% | 0.44% |
Source: Ownwell
Property Tax Assessment Values Across Monteagle, Tennessee
In Monteagle, 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 Marion County Assessor of Property 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 Monteagle, 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. Monteagle’s highest median tax bill is $544 in the 37356 zip code, which is also the lowest median tax bill. Being aware of these valuation processes in Monteagle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Monteagle Assessed Value
$123,350
Average Marion County Assessed Value
$88,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monteagle, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37356 | $19,000 | $34,500 | $123,350 | $303,825 | $505,080 |
Source: Ownwell
Property Tax Bills Across Monteagle, Tennessee
In Monteagle, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate, applied to this assessed value, determines the total tax bill. For example, with a median home price of $123,350, homeowners can expect varying tax bills depending on the assessed value and the tax rate set by Marion County. Factors such as home improvements, neighborhood developments, and market trends can influence the assessed value, thereby affecting the tax bill. In Monteagle, tax bills can range significantly, with the 25th percentile at $152 and the 75th percentile reaching $1,338. At the higher end, the 90th percentile tax bill climbs to $2,223. Comparatively, Monteagle's property taxes are favorable when matched against the national median property tax rate of 0.99%. For homeowners, understanding these factors is crucial for financial planning and anticipating annual property tax obligations.
Average Monteagle Tax Bill
$544
Average Marion County Tax Bill
$420
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Monteagle, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37356 | $84 | $152 | $544 | $1,338 | $2,223 |
Source: Ownwell