Palmyra, Montgomery County, Tennessee Property Taxes
The median property tax rate in Palmyra, 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 $173,750 in Palmyra, the typical annual property tax bill amounts to $1,208, falling below the national median of $2,690. Property taxes in Palmyra are calculated based on the assessed value, which often comes in lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. By understanding Palmyra's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Palmyra or another part of the city, gaining insights into the local property tax system will prove beneficial.
Last Updated June 14, 2024
Palmyra, Montgomery County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,303
$1,209
Ownwell’s Palmyra Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palmyra with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmyra 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 Palmyra, Montgomery County, Tennessee
Property taxes in Palmyra, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmyra is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Palmyra set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmyra 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 Palmyra's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37142 has both the highest and the lowest median property tax rate of 0.75%. Understanding how these areas compare with Palmyra provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palmyra 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 Palmyra, Montgomery County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37142 | 0.61% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Palmyra, Montgomery County, Tennessee
In Palmyra, 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 Montgomery 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 Palmyra, 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 Palmyra helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $1,208 in the 37142 zip code, while the lowest median tax bill is also $1,208 in the same zip code.
Property Tax Assessment Values Across Palmyra, Montgomery County, Tennessee
Source: Ownwell
$134,500
$205,075
$275,650
Average Palmyra Assessed Value
$173,750
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 Palmyra, Montgomery County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37142 | $65,000 | $98,500 | $173,750 | $263,725 | $357,100 |
Source: Ownwell
Property Tax Bills Across Palmyra, Montgomery County, Tennessee
In Palmyra, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Palmyra is $173,750. Homeowners in this area typically see a wide range in their tax bills, from the 25th percentile at $708 to the 75th percentile at $1,890, with the 90th percentile reaching as high as $2,565. These tax bills are influenced by various factors, including the property's location within Montgomery County, the specific tax rate applied, and any exemptions the homeowner may qualify for. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding how Palmyra's rates stack up. For example, in zip code 37142, the median tax bill is $1,208, illustrating the variability within the region. Understanding how these factors interplay helps homeowners anticipate their financial obligations and plan accordingly. Accurate assessments and knowledge of potential exemptions can significantly impact the final tax bill, making it essential for homeowners to stay informed.
Average Palmyra Tax Bill
$1,208
Average Montgomery County Tax Bill
$1,610
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmyra, Montgomery County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37142 | $474 | $708 | $1,208 | $1,890 | $2,565 |
Source: Ownwell