Madisonville, Tennessee Property Taxes
The median property tax rate in Madisonville, TN is 0.56%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Madisonville at $123,550, the typical annual property tax bill amounts to $748, well below the national median of $2,690. Property taxes in Madisonville are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Madisonville'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 Madisonville or another part of Monroe County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Madisonville, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$692
Ownwell’s Madisonville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Madisonville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Madisonville 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 Monroe County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Madisonville, Tennessee
Property taxes in Madisonville, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madisonville is 0.56%, lower than both the Tennessee state median of 0.68% and the U.S. national median of 0.99%. Local government entities within Madisonville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madisonville 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 Madisonville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37354 has the highest median property tax rate of 0.56%, while the lowest median tax rate is also 0.56% in the same zip code. Understanding how these cities compare with Madisonville provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madisonville Tax Rate
0.56%
Average Monroe County Tax Rate
0.56%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madisonville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37354 | 0.56% | 0.56% | 0.56% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Madisonville, Tennessee
In Madisonville, 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 local 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 Madisonville, 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 Madisonville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 37354, with a median tax bill of $748.
Average Madisonville Assessed Value
$123,550
Average Monroe County Assessed Value
$118,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madisonville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37354 | $46,700 | $80,025 | $123,550 | $175,175 | $241,430 |
Source: Ownwell
Property Tax Bills Across Madisonville, Tennessee
In Madisonville, TN, within Monroe County, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. For example, if the median home price in Madisonville is $123,550, the tax bill will be derived from this assessed value. Property tax rates in Madisonville are influenced by various factors including local government budgets, school funding, and municipal services. Homeowners in Madisonville can expect their tax bills to vary. The 25th percentile tax bill is around $489, while those at the 75th percentile see bills closer to $1,087. At the higher end, the 90th percentile tax bill reaches approximately $1,474. These figures highlight the range of tax burdens faced by homeowners, depending on the assessed value of their properties and the specific tax rates applied. Comparatively, Madisonville's property tax rates can be considered reasonable when contrasted with the national median property tax rate of 0.99%.
Average Madisonville Tax Bill
$748
Average Monroe County Tax Bill
$742
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Madisonville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37354 | $274 | $489 | $748 | $1,087 | $1,474 |
Source: Ownwell