Michie, Tennessee Property Taxes
The median property tax rate in Michie, TN is 0.39%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $118,600 in Michie, the typical annual property tax bill is $468, well below the national median of $2,690. Property taxes in Michie are based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Michie'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 Michie or another part of McNairy County, gaining insight into the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Michie, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$463
$429
Ownwell’s Michie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Michie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Michie 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 Michie, Tennessee
Property taxes in Michie, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Michie is 0.39%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Michie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Michie 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 Michie's effective property tax rate to other counties in Tennessee and the national median. For comparison, some areas in Tennessee have higher median property tax rates, while others have lower rates. Understanding how these cities compare with Michie provides valuable insights into the varying tax landscape across McNairy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Michie Tax Rate
0.39%
Average Mcnairy County Tax Rate
0.39%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Michie, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38357 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Michie, Tennessee
In Michie, 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 McNairy 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 Michie, 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 Michie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Michie is $468.00, as seen in the 38357 zip code, which also has the lowest median tax bill.
Average Michie Assessed Value
$118,600
Average Mcnairy County Assessed Value
$107,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Michie, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38357 | $26,120 | $64,800 | $118,600 | $175,200 | $253,080 |
Source: Ownwell
Property Tax Bills Across Michie, Tennessee
In Michie, located in McNairy County, TN, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the property's market value. Homeowners in Michie experience property tax bills that vary significantly, with the 25th percentile at $256 and the 75th percentile at $691. Notably, the highest median tax bill in the area is $468, which is consistent across the zip code 38357. These tax bills are calculated by multiplying the assessed value of a property by the local tax rate. For homeowners, this means that higher property values or increases in the local tax rate can lead to higher tax bills. Compared to the national median property tax rate of 0.99%, Michie's tax bills reflect the local economic conditions and property values. Understanding these factors helps homeowners anticipate their tax liabilities and manage their finances effectively.
Average Michie Tax Bill
$468
Average Mcnairy County Tax Bill
$471
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Michie, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38357 | $103 | $256 | $468 | $691 | $988 |
Source: Ownwell