Monroe, Overton County, Tennessee Property Taxes
The median property tax rate in Monroe, TN is 0.49%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Monroe at $107,800, the typical annual property tax bill reaches $542, significantly less than the national median of $2,690. Property taxes in Monroe are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Monroe'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 Monroe 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
Monroe, Overton County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$528
$490
Ownwell’s Monroe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroe 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 Monroe, Overton County, Tennessee
Property taxes in Monroe, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe is 0.62%, lower than both the Tennessee state median of 0.71% and the U.S. national median of 0.99%. Local government entities within Monroe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroe 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 Monroe's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37801 zip code has the highest median property tax rate of 0.62%, while the 37801 zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Monroe 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 Monroe Tax Rate
0.49%
Average Overton County Tax Rate
0.49%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe, Overton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38573 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Monroe, Overton County, Tennessee
In Monroe, 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 Monroe, 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 Monroe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Monroe is $542 in zip code 38573, while the lowest median tax bill is also $542 in the same zip code.
Property Tax Assessment Values Across Monroe, Overton County, Tennessee
Source: Ownwell
$62,250
$96,075
$129,900
Average Monroe Assessed Value
$107,800
Average Overton County Assessed Value
$101,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroe, Overton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38573 | $35,380 | $62,900 | $107,800 | $164,050 | $265,320 |
Source: Ownwell
Property Tax Bills Across Monroe, Overton County, Tennessee
Property tax bills in Monroe, Overton County, TN, are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Monroe is $107,800. Local tax authorities apply the relevant tax rate to this assessed value to determine the annual property tax bill. Various factors, such as property improvements, neighborhood developments, and market trends, influence the assessed value. Homeowners in Monroe can expect to pay different amounts depending on where their property falls within the value spectrum. For instance, those in the 25th percentile might see a tax bill around $309, while those in the 75th percentile could face a bill closer to $835. At the 90th percentile, the tax bill can be as high as $1,329. These property taxes fund essential community services like schools, public safety, and infrastructure, directly impacting the quality of life for Monroe residents. Comparatively, the national median property tax rate is 0.99%, indicating Monroe's rates are relatively competitive.
Average Monroe Tax Bill
$542
Average Overton County Tax Bill
$570
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe, Overton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38573 | $177 | $309 | $542 | $835 | $1,329 |
Source: Ownwell