Madisonville, Tennessee Property Taxes
The median property tax rate in Madisonville, 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 Madisonville at $124,800, the typical annual property tax bill is $578, which is well below the national median of $2,690. Property taxes in Madisonville are calculated based on the assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Madisonville'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 Madisonville or another part of McMinn County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Madisonville, 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 Madisonville Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Madisonville. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Madisonville to provide an accurate estimate of your property tax bill. This helps you understand your potential tax liabilities better. For those interested in more detailed insights, you can explore localized trends at the neighborhood level by scrolling down. Your property’s assessed value is determined by the county for tax calculations, and it takes into account any applicable exemptions.
Property Tax Rates Across Madisonville, Tennessee
Property taxes in Madisonville, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madisonville is 0.43%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Madisonville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madisonville 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 Madisonville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37354 has the highest median property tax rate of 0.43%, while the same zip code also has the lowest median tax rate of 0.43%. Understanding how these cities compare with Madisonville 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 Madisonville 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 Madisonville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37354 | 0.37% | 0.40% | 0.43% | 0.51% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Madisonville, Tennessee
In Madisonville, 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. Assessment notices in Madisonville 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 Madisonville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Madisonville, the zip code with the highest median tax bill is 37354, with a median tax bill of $578. Conversely, the zip code with the lowest median tax bill is also 37354, reflecting the uniformity in tax rates across the area.
Average Madisonville Assessed Value
$124,800
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 Madisonville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37354 | $40,500 | $73,400 | $124,800 | $219,800 | $369,280 |
Source: Ownwell
Property Tax Bills Across Madisonville, Tennessee
In Madisonville, located in McMinn County, TN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. For homeowners in Madisonville, the median home price is $124,800. The property tax bill can vary significantly, with the 25th percentile paying around $376 annually, while those in the 75th percentile pay approximately $862. At the 90th percentile, the tax bill can reach up to $1,283. The local tax rate is applied to the assessed value to determine the annual tax bill. This rate is influenced by various factors, including the county's budgetary needs and the value of properties within the area. Compared to the national median property tax rate of 0.99%, Madisonville's rates can be considered relatively moderate. These taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners.
Average Madisonville Tax Bill
$578
Average Mcminn County Tax Bill
$618
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Madisonville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37354 | $161 | $376 | $578 | $862 | $1,283 |
Source: Ownwell