Mt Juliet, Tennessee Property Taxes
The median property tax rate in MT JULIET, TN is 0.47%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in MT JULIET at $249,800, the typical annual property tax bill reaches $1,172, well below the national median of $2,690. Property taxes in MT JULIET are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding MT JULIET'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 MT JULIET 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
Mt Juliet, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$1,174
Ownwell’s MT JULIET Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MT JULIET with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MT JULIET 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 Mt Juliet, Tennessee
Property taxes in MT JULIET, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MT JULIET is 0.47%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within MT JULIET set these rates annually, and they can vary significantly across different neighborhoods. Each year, MT JULIET 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 MT JULIET's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37122 has the highest median property tax rate of 0.47%, while the same zip code also has the lowest median tax rate of 0.47%. Understanding how these cities compare with MT JULIET provides valuable insights into the varying tax landscape across Rutherford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mt Juliet Tax Rate
0.47%
Average Rutherford County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mt Juliet, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37122 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Mt Juliet, Tennessee
In Mt. Juliet, 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 Rutherford 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 Mt. Juliet, 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 Mt. Juliet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $249,800, with tax bills ranging from $936 at the 25th percentile to $2,301 at the 90th percentile. The highest and lowest median tax bill is $1,172 in the 37122 zip code.
Average Mt Juliet Assessed Value
$249,800
Average Rutherford County Assessed Value
$316,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mt Juliet, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37122 | $169,400 | $199,550 | $249,800 | $400,250 | $490,520 |
Source: Ownwell
Property Tax Bills Across Mt Juliet, Tennessee
In Mt. Juliet, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Mt. Juliet typically see property tax bills ranging from $936 at the 25th percentile to $2301 at the 90th percentile. The median tax bill in the highest and lowest zip codes, both in the 37122 area, is $1172. This is significantly lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's market value, assessment ratio, and local tax rates. Lower property tax rates in Mt. Juliet can make homeownership more affordable compared to other regions. Homeowners benefit from reduced financial burdens, which can be a significant factor in the overall cost of living and long-term financial planning.
Average Mt Juliet Tax Bill
$1,172
Average Rutherford County Tax Bill
$1,892
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mt Juliet, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37122 | $794 | $936 | $1,172 | $1,878 | $2,301 |
Source: Ownwell