Mulberry, Tennessee Property Taxes
The median property tax rate in Mulberry, Tennessee is 0.61%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Mulberry at $149,000, the typical annual property tax bill is $948, significantly less than the national median of $2,690. Property taxes in Mulberry 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 Mulberry'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 Mulberry or another part of Moore County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mulberry, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$909
$843
Ownwell’s Mulberry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mulberry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mulberry 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 Mulberry, Tennessee
Property taxes in Mulberry, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mulberry is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Mulberry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mulberry 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 Mulberry's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37359 has both the highest and lowest median property tax rate of 0.61%. Understanding how these areas compare with Mulberry provides valuable insights into the varying tax landscape across Moore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mulberry Tax Rate
0.61%
Average Moore County Tax Rate
0.61%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mulberry, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37359 | 0.60% | 0.60% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Mulberry, Tennessee
In Mulberry, 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 Moore 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. Assessment notices in Mulberry 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 Mulberry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $948.00, found in the 37359 zip code.
Average Mulberry Assessed Value
$149,000
Average Moore County Assessed Value
$174,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mulberry, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37359 | $67,260 | $90,300 | $149,000 | $277,450 | $369,040 |
Source: Ownwell
Property Tax Bills Across Mulberry, Tennessee
In Mulberry, Moore County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. For example, with a median home price of $149,000, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $533, while those in the 75th percentile pay approximately $1,700. At the 90th percentile, tax bills can reach up to $2,224. These variations depend on several factors, including the home's assessed value, local tax rates, and any applicable exemptions. Homeowners in the highest and lowest median tax bill zip code, 37359, pay about $948 on average. This fluctuation in property tax bills can significantly impact homeowners, influencing their overall housing costs and financial planning. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Mulberry Tax Bill
$948
Average Moore County Tax Bill
$1,024
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mulberry, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37359 | $266 | $533 | $948 | $1,700 | $2,224 |
Source: Ownwell