Shelbyville, Tennessee Property Taxes
The median property tax rate in Shelbyville, TN is 0.48%, significantly lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With a median home value of $450,300 in Shelbyville, the typical annual property tax bill amounts to $2,150, which is below the national median of $2,690. Property taxes in Shelbyville are calculated based on the tax assessed value, which is generally lower than the market value due to various exemptions such as primary residence and agricultural exemptions. By understanding Shelbyville's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're in the heart of Shelbyville or another part of the city, being well-informed about the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Shelbyville, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Shelbyville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shelbyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shelbyville 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 Shelbyville, Tennessee
Property taxes in Shelbyville, Tennessee, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Shelbyville is 0.48%, which is significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Shelbyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shelbyville 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 Shelbyville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37160 zip code has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these areas compare with Shelbyville provides valuable insights into the varying tax landscape across Maury County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shelbyville Tax Rate
0.48%
Average Maury County Tax Rate
0.66%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shelbyville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37160 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Shelbyville, Tennessee
In Shelbyville, 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 authority 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 Shelbyville, 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 Shelbyville 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 37160 at $2,150, and the lowest median tax bill is also 37160 at $2,150.
Average Shelbyville Assessed Value
$450,300
Average Maury County Assessed Value
$247,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shelbyville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37160 | $450,300 | $450,300 | $450,300 | $450,300 | $450,300 |
Source: Ownwell
Property Tax Bills Across Shelbyville, Tennessee
In Shelbyville, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Shelbyville is $450,300, and property taxes are assessed accordingly. Factors such as the home's location, size, and any improvements made can influence its assessed value. The tax bill for homeowners in Shelbyville tends to be consistent, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $2,150. This amount is significantly higher than the national median property tax rate of 0.99%, indicating that property taxes in Shelbyville are on the higher end of the spectrum. Homeowners in Shelbyville should be aware that their property tax bills can have a substantial impact on their annual expenses. Given the uniformity in tax bills across different percentiles, it is crucial for homeowners to budget for these costs to avoid any financial surprises.
Average Shelbyville Tax Bill
$2,150
Average Maury County Tax Bill
$1,525
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Shelbyville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37160 | $2,150 | $2,150 | $2,150 | $2,150 | $2,150 |
Source: Ownwell