Monroe, Tennessee Property Taxes
The median property tax rate in Monroe, 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 Monroe, the typical annual property tax bill amounts to $24, significantly below the national median of $2,690. Property taxes in Monroe are based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Monroe's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Monroe or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monroe, 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 Monroe Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Monroe with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Monroe to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Monroe, 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 0.63%, which is lower than both the Tennessee state median 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 48161 zip code has both the highest and lowest median property tax rate of 0.63%. Understanding how these areas compare with Monroe 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 Monroe 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 Monroe, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48161 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Monroe, 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 Monroe 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 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 zip codes with the highest and lowest tax bills are 3800 and 3800, respectively, both with a tax bill of $24.
Average Monroe Assessed Value
$3,800
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 Monroe, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48161 | $3,800 | $3,800 | $3,800 | $3,800 | $3,800 |
Source: Ownwell
Property Tax Bills Across Monroe, Tennessee
In Monroe, located in Polk County, TN, property tax bills are determined based on the assessed value of a property. The assessed value is a percentage of the property's market value, which is determined by the county assessor. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. In Monroe, the median home price is $3,800, which is considerably lower than the national median. Property tax bills in this region reflect this lower home value, with the 25th, 75th, and 90th percentiles all having a tax bill of $24. This uniformity suggests a stable and predictable tax environment for homeowners. For residents, this means that property taxes are relatively low, providing some financial relief compared to areas with higher property values and tax rates. However, it's essential for homeowners to stay informed about any changes in assessed values or tax rates, as these can impact their annual tax obligations.
Average Monroe Tax Bill
$24
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48161 | $24 | $24 | $24 | $24 | $24 |
Source: Ownwell