Collierville, Shelby County, Tennessee Property Taxes
The median property tax rate in Collierville, TN is 1.31%, considerably higher than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Collierville at $370,000, the typical annual property tax bill reaches $4,830, exceeding the national median of $2,690. Property taxes in Collierville 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 Collierville'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 Collierville 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
Collierville, Shelby County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$4,847
$4,498
Ownwell’s Collierville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Collierville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Collierville 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 Collierville, Shelby County, Tennessee
Property taxes in Collierville, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Collierville is 1.31%, higher than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Collierville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Collierville 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 Collierville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38017 zip code has the highest median property tax rate of 1.31%, while the 38017 zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with Collierville provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Collierville Tax Rate
1.31%
Average Shelby County Tax Rate
1.52%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Collierville, Shelby County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38017 | 1.31% | 1.31% | 1.31% | 1.31% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Collierville, Shelby County, Tennessee
In Collierville, 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 Shelby County Assessor 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 Collierville, 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 Collierville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $4,830 in the 38017 zip code, highlighting a consistent tax landscape within the area.
Property Tax Assessment Values Across Collierville, Shelby County, Tennessee
Source: Ownwell
$34,300
$261,525
$488,750
Average Collierville Assessed Value
$370,000
Average Shelby County Assessed Value
$147,100
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Collierville, Shelby County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38017 | $229,540 | $294,600 | $370,000 | $472,700 | $590,300 |
Source: Ownwell
Property Tax Bills Across Collierville, Shelby County, Tennessee
In Collierville, located in Shelby County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, with a median home price of $370,000, homeowners can expect varying tax bills. The 25th percentile tax bill is around $3,870, while the 75th percentile tax bill reaches $6,119, and the 90th percentile goes up to $7,642. Factors influencing these amounts include property location, size, and market conditions. The highest and lowest median tax bills in the area are both $4,830, specifically in the 38017 zip code. Compared to the national median property tax rate of 0.99%, Collierville's tax rates can significantly impact homeowners, making it crucial for them to understand how their property taxes are determined and budget accordingly.
Average Collierville Tax Bill
$4,830
Average Shelby County Tax Bill
$1,907
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Collierville, Shelby County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38017 | $3,024 | $3,870 | $4,830 | $6,119 | $7,642 |
Source: Ownwell