Palmer, Tennessee Property Taxes
The median property tax rate in Palmer, TN is 0.44%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Palmer at $193,700, the typical annual property tax bill is $852, which is well below the national median of $2,690. Property taxes in Palmer 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 Palmer'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 Palmer or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Palmer, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$852
$791
Ownwell’s Palmer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palmer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmer 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 Palmer, Tennessee
Property taxes in Palmer, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmer is 0.44%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Palmer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmer 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 Palmer's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37365 zip code has the highest median property tax rate of 0.44%, while the 37365 zip code also has the lowest median tax rate of 0.44%. Understanding how these cities compare with Palmer 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 Palmer 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 Palmer, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37365 | 0.44% | 0.44% | 0.44% | 0.44% | 0.44% |
Source: Ownwell
Property Tax Assessment Values Across Palmer, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Palmer, Tennessee. 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 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 Palmer, 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 Palmer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $852, found in the 37365 zip code.
Average Palmer Assessed Value
$193,700
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 Palmer, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37365 | $193,700 | $193,700 | $193,700 | $193,700 | $193,700 |
Source: Ownwell
Property Tax Bills Across Palmer, Tennessee
In Palmer, Marion County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. The median home price in Palmer is $193,700. Property taxes are then applied to this assessed value using the local tax rate. In Palmer, the tax bill for homes in the 25th, 75th, and 90th percentiles is consistently $852, indicating a stable tax rate across different property values. This uniform tax bill suggests that Palmer maintains a straightforward property tax system, potentially simplifying the financial planning for homeowners. Compared to the national median property tax rate of 0.99%, Palmer's tax bills may be seen as relatively predictable and manageable. Homeowners benefit from knowing their tax obligations without significant fluctuations, aiding in long-term budgeting and financial stability. This consistency in property tax bills ensures that residents are not caught off guard by unexpected increases, providing a level of economic security.
Average Palmer Tax Bill
$852
Average Marion County Tax Bill
$420
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmer, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37365 | $852 | $852 | $852 | $852 | $852 |
Source: Ownwell