Morris Chapel, Tennessee Property Taxes
The median property tax rate in Morris Chapel, 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 $140,900 in Morris Chapel, the typical annual property tax bill is $556, which is well below the national median of $2,690. Property taxes in Morris Chapel are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Morris Chapel'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 Morris Chapel or another part of McNairy County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morris Chapel, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$550
$510
Ownwell’s Morris Chapel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morris Chapel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morris Chapel 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 Morris Chapel, Tennessee
Property taxes in Morris Chapel, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morris Chapel is 0.39%, which is significantly lower than both the Tennessee state median of 0.68% and the U.S. national median of 0.99%. Local government entities within Morris Chapel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morris Chapel 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 Morris Chapel's effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest median property tax rate in Tennessee is found in Williamson County, where it is 0.71%, while the lowest median tax rate is in Pickett County at 0.31%. Understanding how these cities compare with Morris Chapel 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 Morris Chapel 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 Morris Chapel, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38361 | 0.39% | 0.39% | 0.39% | 0.39% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Morris Chapel, Tennessee
In Morris Chapel, 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 Morris Chapel, 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. Morris Chapel has a median home price of $140,900 and the median tax bill ranges from $285 at the 25th percentile to $1,271 at the 90th percentile. The zip code 38361 has both the highest and lowest median tax bill, each at $556. Being aware of these valuation processes in Morris Chapel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Morris Chapel, Tennessee
Source: Ownwell
$73,550
$107,225
$140,900
Average Morris Chapel Assessed Value
$140,900
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 Morris Chapel, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38361 | $46,980 | $68,800 | $140,900 | $212,700 | $322,320 |
Source: Ownwell
Property Tax Bills Across Morris Chapel, Tennessee
In Morris Chapel, located in McNairy County, TN, property tax bills are calculated based on the assessed value of a property. The assessed value is a percentage of the market value, which is determined by the county assessor. Homeowners in Morris Chapel can expect property tax bills that vary significantly, with the 25th percentile tax bill at $285 and the 75th percentile reaching $1,007. The 90th percentile tax bill stands at $1,271, reflecting the higher end of the spectrum. These tax bills are influenced by various factors, including property size, location, and improvements made to the home. The median home price in Morris Chapel is $140,900, and the property tax rate is compared to the national median property tax rate of 0.99%. For homeowners, understanding these factors is crucial as they directly impact the annual financial obligations associated with property ownership. Accurate assessments ensure that homeowners pay a fair amount relative to their property's value, contributing to local services and infrastructure.
Average Morris Chapel Tax Bill
$556
Average Mcnairy County Tax Bill
$471
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Morris Chapel, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38361 | $212 | $285 | $556 | $1,007 | $1,271 |
Source: Ownwell