Selmer, Tennessee Property Taxes
The median property tax rate in Selmer, TN is 0.40%, significantly lower than the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $107,800 in Selmer, the typical annual property tax bill is $510, well below the national median of $2,690. Property taxes in Selmer are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Selmer'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 Selmer or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Selmer, 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 Selmer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Selmer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Selmer 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 Selmer, Tennessee
Property taxes in Selmer, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Selmer is 0.40%, which is significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Selmer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Selmer 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. Understanding how Selmer's property tax rate compares to the national median 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 Selmer Tax Rate
0.40%
Average Mcnairy County Tax Rate
0.39%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Selmer, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38375 | 0.39% | 0.39% | 0.40% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Selmer, Tennessee
In Selmer, 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 Selmer, 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 Selmer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Selmer is $107,800, with the highest and lowest median tax bills both being $510 in the 38375 zip code.
Average Selmer Assessed Value
$107,800
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 Selmer, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38375 | $32,950 | $64,000 | $107,800 | $164,650 | $237,450 |
Source: Ownwell
Property Tax Bills Across Selmer, Tennessee
In Selmer, located in McNairy County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the property's market value. For instance, with a median home price of $107,800, the tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including changes in property values and local tax rates. Homeowners in Selmer can expect tax bills to vary significantly. The 25th percentile tax bill is around $295, while the 75th percentile reaches $763, and the 90th percentile can go up to $1,096. For comparison, the national median property tax rate is 0.99%, which shows that Selmer's property tax bills can be relatively moderate. These taxes are crucial for funding local services such as schools, roads, and emergency services, directly impacting the quality of life for homeowners.
Average Selmer Tax Bill
$510
Average Mcnairy County Tax Bill
$471
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Selmer, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38375 | $148 | $295 | $510 | $763 | $1,096 |
Source: Ownwell