Ten Mile, Tennessee Property Taxes
The median property tax rate in Ten Mile, TN is 0.38%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Ten Mile at $142,850, the typical annual property tax bill is $437, well below the national median of $2,690. Property taxes in Ten Mile are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Ten Mile'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 Ten Mile or another part of McMinn County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ten Mile, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$543
Ownwell’s Ten Mile Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ten Mile with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ten Mile 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 Ten Mile, Tennessee
Property taxes in Ten Mile, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ten Mile is 0.38%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Ten Mile set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ten Mile 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 Ten Mile's effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest median property tax rate within the region is significantly higher, while the lowest median tax rate is considerably lower. Understanding how these cities compare with Ten Mile 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 Ten Mile Tax Rate
0.38%
Average Mcminn County Tax Rate
0.48%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ten Mile, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37880 | 0.25% | 0.33% | 0.38% | 0.41% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Ten Mile, Tennessee
In Ten Mile, 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 Ten Mile, 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 Ten Mile helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Ten Mile is $142,850, with tax bills ranging from $365 at the 25th percentile to $1,247 at the 90th percentile. The zip code 37880 has both the highest and lowest median tax bill at $437.00.
Average Ten Mile Assessed Value
$142,850
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 Ten Mile, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37880 | $76,040 | $86,500 | $142,850 | $196,050 | $336,970 |
Source: Ownwell
Property Tax Bills Across Ten Mile, Tennessee
In Ten Mile, McMinn County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Several factors contribute to this valuation, including the property's location, size, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the tax bill. For homeowners in Ten Mile, the median home price is $142,850. Depending on various factors, the tax bill can vary significantly. The 25th percentile tax bill is around $365, while the 75th percentile tax bill is approximately $672. At the 90th percentile, homeowners might see a tax bill as high as $1,247. Comparatively, the national median property tax rate is 0.99%, making Ten Mile's property taxes relatively moderate. These taxes fund essential community services such as schools, public safety, and infrastructure, thereby directly impacting the quality of life for residents.
Average Ten Mile Tax Bill
$437
Average Mcminn County Tax Bill
$618
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Ten Mile, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37880 | $315 | $365 | $437 | $672 | $1,247 |
Source: Ownwell