Decatur, Tennessee Property Taxes
The median property tax rate in Decatur, TN is 0.43%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Decatur at $109,500, the typical annual property tax bill is about $500, well below the national median of $2,690. Property taxes in Decatur are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Decatur'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 Decatur or another part of McMinn County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Decatur, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$471
$437
Ownwell’s Decatur Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Decatur with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Decatur 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 McMinn County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Decatur, Tennessee
Property taxes in Decatur, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Decatur is 0.43%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Decatur set these rates annually, and they can vary significantly across different neighborhoods. Each year, Decatur 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 Decatur's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37322 has both the highest and lowest median property tax rate of 0.43%, reflecting uniformity in the area's tax landscape. Understanding how these cities compare with Decatur provides valuable insights into the varying tax landscape across McMinn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Decatur Tax Rate
0.43%
Average Mcminn County Tax Rate
0.48%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Decatur, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37322 | 0.38% | 0.40% | 0.43% | 0.50% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Decatur, Tennessee
In Decatur, 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 McMinn County Assessor 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 Decatur, 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 Decatur helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is found in zip code 37322, with a value of $500.00, while the lowest median tax bill is also in zip code 37322, similarly valued at $500.00.
Average Decatur Assessed Value
$109,500
Average Mcminn County Assessed Value
$107,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Decatur, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37322 | $36,180 | $56,200 | $109,500 | $173,800 | $250,930 |
Source: Ownwell
Property Tax Bills Across Decatur, Tennessee
In Decatur, McMinn County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition. For homeowners in Decatur, the median home price is $109,500. Property tax bills in the area vary, with the 25th percentile at $303 and the 75th percentile reaching $749. The 90th percentile tax bill can go up to $1,020. Comparatively, the property tax rate in Decatur is lower than the national median property tax rate of 0.99%. This means that homeowners in Decatur generally pay less in property taxes compared to other regions in the country. Understanding how these factors come together helps homeowners anticipate their annual tax obligations and budget accordingly.
Average Decatur Tax Bill
$500
Average Mcminn County Tax Bill
$618
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Decatur, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37322 | $179 | $303 | $500 | $749 | $1,020 |
Source: Ownwell