Erin, Tennessee Property Taxes
The median property tax rate in Erin, TN is 0.75%, which is lower than the national median of 0.99% but higher than the Tennessee state median of 0.64%. With a median home value of $198,300 in Erin, the typical annual property tax bill is around $1,439, significantly below the national median of $2,690. Property taxes in Erin are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Erin'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 Erin or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Erin, 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 Erin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Erin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Erin 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 Erin, Tennessee
Property taxes in Erin, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Erin is 0.75%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Erin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Erin 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 Erin's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37061 has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Erin provides valuable insights into the varying tax landscape across Houston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Erin Tax Rate
0.75%
Average Montgomery County Tax Rate
1.05%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Erin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37061 | 0.39% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Erin, Tennessee
In Erin, 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 Erin, 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 Erin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Montgomery County, the median home price is $198,300. The highest median tax bill is $1,439 in the 37061 zip code, while the lowest is also $1,439 in the same zip code.
Average Erin Assessed Value
$198,300
Average Montgomery County Assessed Value
$172,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Erin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37061 | $71,000 | $145,150 | $198,300 | $252,550 | $292,800 |
Source: Ownwell
Property Tax Bills Across Erin, Tennessee
Property tax bills in Erin, Montgomery County, TN, are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor's office, which evaluates the market value of the property and applies an assessment ratio. In Tennessee, the assessment ratio for residential properties is typically 25% of the market value. Once the assessed value is established, the local tax rate, also known as the millage rate, is applied to calculate the tax bill. Several factors influence the final tax bill, including the property's location, size, and condition. In Erin, the median home price is $198,300, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $662, while at the 75th percentile, it is $1,888. Homeowners in the 90th percentile face tax bills around $2,189. These property taxes are crucial for funding public services such as schools, infrastructure, and emergency services, directly affecting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Erin's property tax rates can be relatively moderate, offering some financial relief to homeowners.
Average Erin Tax Bill
$1,439
Average Montgomery County Tax Bill
$1,610
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Erin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37061 | $531 | $662 | $1,439 | $1,888 | $2,189 |
Source: Ownwell