Germantown, Shelby County, Tennessee Property Taxes
The median property tax rate in Germantown, 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 Germantown at $368,300, the typical annual property tax bill reaches $4,833, exceeding the national median of $2,690. Property taxes in Germantown 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 Germantown'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 Germantown 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
Germantown, Shelby County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$4,825
$4,477
Ownwell’s Germantown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Germantown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Germantown 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 Germantown, Shelby County, Tennessee
Property taxes in Germantown, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Germantown is 1.31%, significantly higher than the U.S. national median of 0.99%. Local government entities within Germantown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Germantown 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 Germantown's effective property tax rate to other areas in Shelby County and the national median. For comparison, the 38138 zip code has the highest median property tax rate of 1.31%, while the 38139 zip code also has a median tax rate of 1.31%. Understanding how these areas compare with Germantown 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 Germantown 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 Germantown, Shelby County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38138 | 1.31% | 1.31% | 1.31% | 1.31% | 1.31% |
| 38139 | 1.31% | 1.31% | 1.31% | 1.31% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Germantown, Shelby County, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Germantown, TN. 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 Germantown, 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. The median home price here is $368,300, with tax bills ranging significantly. For example, the highest median tax bill is $5,779 in zip code 38139, while the lowest is $4,389 in zip code 38138. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Germantown, Shelby County, Tennessee
Source: Ownwell
$34,300
$261,525
$488,750
Average Germantown Assessed Value
$368,300
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 Germantown, Shelby County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38138 | $229,920 | $294,100 | $334,600 | $409,500 | $529,360 |
| 38139 | $310,770 | $364,500 | $441,500 | $580,500 | $790,390 |
Source: Ownwell
Property Tax Bills Across Germantown, Shelby County, Tennessee
In Germantown, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, a median home in Germantown, valued at $368,300, can expect varying tax bills depending on specific factors such as location and property characteristics. The tax bill for homes in the 25th percentile is around $4,090, while those in the 75th percentile can reach up to $6,310. For properties in the 90th percentile, tax bills can soar to approximately $8,931. The highest median tax bill in the area is $5,779 in the 38139 zip code, compared to the lowest median tax bill of $4,389 in the 38138 zip code. These figures highlight the significant impact property taxes can have on homeowners, varying widely based on assessed values and local tax rates.
Average Germantown Tax Bill
$4,833
Average Shelby County Tax Bill
$1,907
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Germantown, Shelby County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38138 | $3,019 | $3,856 | $4,389 | $5,398 | $6,997 |
| 38139 | $4,070 | $4,767 | $5,779 | $7,607 | $10,419 |
Source: Ownwell