Merritt Island, Tennessee Property Taxes
The median property tax rate in Merritt Island, TN is 0.63%, slightly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Merritt Island, the typical annual property tax bill is $56, significantly below the national median of $2,690. Property taxes in Merritt Island are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Merritt Island'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 Merritt Island 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
Merritt Island, 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 Merritt Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Merritt Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Merritt Island 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 Merritt Island, Tennessee
Property taxes in Merritt Island, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Merritt Island is 0.63%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Merritt Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Merritt Island 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 Merritt Island's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 32953 zip code has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Merritt Island provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Merritt Island Tax Rate
0.63%
Average Polk County Tax Rate
0.63%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Merritt Island, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32953 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Merritt Island, Tennessee
In Merritt Island, 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 Polk 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 Merritt Island, 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 Merritt Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest tax bills are found in the zip codes with a median home price of $8,900, with the 25th, 75th, and 90th percentiles all having tax bills of $56.
Property Tax Assessment Values Across Merritt Island, Tennessee
Source: Ownwell
$1,950
$218,625
$435,300
Average Merritt Island Assessed Value
$8,900
Average Polk County Assessed Value
$48,850
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Merritt Island, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32953 | $8,900 | $8,900 | $8,900 | $8,900 | $8,900 |
Source: Ownwell
Property Tax Bills Across Merritt Island, Tennessee
In Merritt Island, located in Polk County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Merritt Island, the median home price is $8,900, which is significantly lower than many other regions. Consequently, the property tax bills in this area are relatively modest. For instance, the tax bill at the 25th, 75th, and 90th percentiles all stand at $56. Several factors influence the assessed value, including the property's location, size, and condition. These property taxes are essential for funding local services such as schools, public safety, and infrastructure. While the low property values in Merritt Island result in lower tax bills, homeowners should still be aware of annual assessments and potential changes in tax rates that could affect their overall tax liability.
Average Merritt Island Tax Bill
$56
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Merritt Island, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32953 | $56 | $56 | $56 | $56 | $56 |
Source: Ownwell