Philadelphia, Tennessee Property Taxes
The median property tax rate in Philadelphia, TN is 0.42%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Philadelphia at $94,150, the typical annual property tax bill amounts to $391, far below the national median of $2,690. Property taxes in Philadelphia are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Philadelphia'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 Philadelphia 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
Philadelphia, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$395
$367
Ownwell’s Philadelphia Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Philadelphia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Philadelphia to project 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 Philadelphia, Tennessee
Property taxes in Philadelphia, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Philadelphia is 0.42%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Philadelphia set these rates annually, and they can vary across different neighborhoods. Each year, Philadelphia 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 Philadelphia's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37846 has the highest median property tax rate of 0.42%, while the same zip code also has the lowest median tax rate of 0.42%. Understanding how these areas compare with Philadelphia 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 Philadelphia Tax Rate
0.42%
Average Mcminn County Tax Rate
0.48%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Philadelphia, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37846 | 0.37% | 0.39% | 0.42% | 0.45% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Philadelphia, Tennessee
In Philadelphia, 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 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 Philadelphia, 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. For instance, the median home price in Philadelphia is $94,150, with tax bills ranging from $102 at the 25th percentile to $708 at the 90th percentile. The highest median tax bill is $391 in zip code 37846, which is also the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Philadelphia Assessed Value
$94,150
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 Philadelphia, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37846 | $9,000 | $24,425 | $94,150 | $152,175 | $179,100 |
Source: Ownwell
Property Tax Bills Across Philadelphia, Tennessee
In Philadelphia, McMinn County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the home's market value. Once the assessed value is established, the property tax rate, set by local government authorities, is applied. For instance, with a median home price of $94,150, homeowners can expect variations in their tax bills. The 25th percentile tax bill is around $102, while those in the 75th percentile pay approximately $585. The highest tax bills, in the 90th percentile, reach up to $708. These tax bills are significantly lower compared to the national median property tax rate of 0.99%. Homeowners in Philadelphia benefit from these relatively low property taxes, which can make homeownership more affordable. However, it's crucial for homeowners to stay informed about potential changes in property assessments and tax rates, as these directly impact their annual tax obligations.
Average Philadelphia Tax Bill
$391
Average Mcminn County Tax Bill
$618
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Philadelphia, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37846 | $57 | $102 | $391 | $585 | $708 |
Source: Ownwell